---
kind: "section"
citation: "24 C.F.R. § 234.256"
title: "24"
number: "234.256"
heading: "Substitute mortgagors."
url: "https://uscodex.org/cfr/24/234.256"
---

# §234.256. Substitute mortgagors.

- (a) **Selling mortgagor.** The requirements for the selling mortgagor are set forth in [§ 203.258(a)](/cfr/24/203.258.md?p=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)](/cfr/24/203.258.md?p=b-1) of this chapter.
  - (2) [Reserved]
- (c) **Applicability—current mortgagor.** [Paragraph (b)](#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)](/cfr/24/203.258.md?p=c) of this chapter.
- (d) **Applicability—earlier mortgagor.** The occupancy and similar requirements set forth in [§ 203.258(d)](/cfr/24/203.258.md?p=d) of this chapter apply to mortgages insured under [subpart A](/cfr/24/subpartA.md) of this part.
- (e) **Direct endorsement.** Requirements for the direct endorsement program are set forth in [§ 203.258(f)](/cfr/24/203.258.md?p=f) of this chapter.
- (f) **Substitute mortgagor—** is defined in [§ 203.258(f)](/cfr/24/203.258.md?p=f) of this chapter.

## Notes

### 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]