§234.256. Substitute mortgagors.
24 C.F.R. § 234.256
Selling mortgagor. The requirements for the selling mortgagor are set forth in § 203.258(a) of this chapter.
Purchasing mortgagor.
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.
[Reserved]
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.
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.
Direct endorsement. Requirements for the direct endorsement program are set forth in § 203.258(f) of this chapter.
Substitute mortgagor— is defined in § 203.258(f) of this chapter.
Notes, amendments, and revision history
Amendments
[55 FR 34814, Aug. 24, 1990, as amended at 57 FR 38352, Dec. 9, 1992; 61 FR 60163, Nov. 26, 1996]
Authority
Authority: 12 U.S.C. 1715b and 1715y; 42 U.S.C. 3535(d).
Source
Source: 36 FR 24628, Dec. 22, 1971, unless otherwise noted.
Amendments
[55 FR 34814, Aug. 24, 1990, as amended at 57 FR 38352, Dec. 9, 1992; 61 FR 60163, Nov. 26, 1996]