§ 291.545. Financing purchase of the home.
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/us/cfr/t24/s§ 291.545·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)Purchase using conventional financing. If the law enforcement officer, teacher, or firefighter/emergency medical technician uses conventional financing to purchase a home under the GNND Sales Program, the amount of the mortgage may not exceed the discounted sales price of the home.
(b)Purchase with FHA-insured mortgage.
(1)A law enforcement officer, teacher, or firefighter/emergency medical technician using an FHA-insured mortgage to finance purchase of the home may finance reasonable and customary closing costs with the FHA-insured mortgage.
(2)The amount of the FHA-insured mortgage may not exceed the discounted sales price of the home plus:
(i)The closing costs; and
(ii)The costs of rehabilitating and/or improving the home, where purchase of the home is being financed with an FHA-insured 203(k) rehabilitation loan (see 24 CFR part 203).
(c)Closing costs and selling broker's commissions. In no event will HUD pay a buyer's closing costs on the purchase of a property or a selling broker's commission through the GNND Sales Program.
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- 24 CFR 203
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§ 291.545
Financing purchase of the home.
Cite24 CFR 203
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