§ 234.256. Substitute mortgagors.
161 words·~1 min read·
/us/cfr/t24/s§ 234.256·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)Selling mortgagor. The requirements for the selling mortgagor are set forth in § 203.258(a) of this chapter.
(b)Purchasing mortgagor.
(1)If the dwelling is a principal or secondary place of residence, the requirements for the purchasing mortgagor are set forth in § 203.258(b)(1) of this chapter.
(2)\[Reserved\]
(c)Applicability---current mortgagor. Paragraph
(b)of this section applies to the Commissioner's approval of a substitute mortgagor only if the mortgage executed by the original mortgagor met the conditions of § 203.258(c) of this chapter.
(d)Applicability---earlier mortgagor. The occupancy and similar requirements set forth in § 203.258(d) of this chapter apply to mortgages insured under subpart A of this part.
(e)Direct endorsement. Requirements for the direct endorsement program are set forth in § 203.258(f) of this chapter.
(f)Substitute mortgagor is defined in § 203.258(f) of this chapter. \[55 FR 34814, Aug. 24, 1990, as amended at 57 FR 38352, Dec. 9, 1992; 61 FR 60163, Nov. 26, 1996\]