Subpart B-Contract Rights and Obligations-Homes

Sec. 233.251 233.253

Incorporation by reference. Application for insurance benefits and accompanying fiscal data. 233.275 Method of paying insurance benefits.

§ 233.251

Incorporation by reference.

(a) Mortgages and home improvement loans insured under the experimental home mortgage insurance program shall be governed by the provisions of the regulations covering contract rights and obligations, as they respectively relate to the several mortgage or home improvement loan programs set forth in § 233.1 of this part, except that provisions of the foregoing regulations concerning mutuality of an insurance fund shall not apply.

(b) For the purpose of this subpart, all of the references in § 203.251 et seq. (Part 203, Subpart B); § 213.751 et seq. (Part 213, Subpart D); § 220.251 et seq. (Part 220, Subpart B); § 221.251 et seq. (Part 221, Subpart B); § 234.251 et seq. (Part 234, Subpart B); § 235.201 et seq. (Part 235, Subpart B); § 237.201 et seq. (Part 237, Subpart B); or § 809.251 et seq. (Part 809, Subpart B) of this chapter to:

(1) Section 203, 213, 220, 221, 234, 235, 237, or 809 shall be construed to refer to section 233 of the Act; and

(2) The Mutual Mortgage Insurance Fund, the Cooperative Management Housing Insurance Fund, or the Special Risk Insurance Fund shall be construed to refer to the General Insurance Fund. Amended: August 10, 1965; October 28, 1968 (3) [Revoked]. August 1965

§ 233.253

Application for insurance benefits and accompanying fiscal data.

(a) Insured mortgages. Where an insured mortgage is involved, the provisions of §§ 203.350 through 203.391 of this chapter govern the filing of an application for insurance benefits and the Amended: August 10, 1965 items to be filed with the application.

(b) Insured home improvement loans. Where an insured home improvement loan is involved, the provisions of § 203.476 of this chapter (relating to claim application and items to be filed) shall be applicable.

§ 233.275 Method of paying insurance benefits.

If the application for insurance benefits is acceptable to the Commissioner, all of the insurance claim, in a case involving either an insured mortgage or an insured home improvement loan, shall be paid in cash unless the mortgagee files a written request with the application for payment in debentures. If such a request is made, all of the claim shall be paid by issuing debentures and by making a cash payment adjusting any differences between the total amount of the claim and the amount of the debentures issued.

Amended: August 10, 1965

suant to section 235 of the Act, apply with full force and effect to a mortgage insured under Subparts A and B of this

part, if the mortgage is insured as meeting the eligibility requirements of § 235.1 et seq. (Part 235, Subpart A), except as such requirements are modified by § 233.5.

(b) Section 237 type home mortgages. All of the provisions of Subpart C, Part 237, concerning assistance payments in connection with a mortgage insured under section 237, apply with full force and effect to a mortgage insured under Subparts A and B of this part, if the mortgage is insured as meeting the eligibility requirements of § 237.1 et seq. (Part 237, Subpart A), except as such requirements are modified by § 233.5.

Added: April 28, 1969

234.16

Submission of application.
Form of application.

Approval and commitment.

Application and commitment extension fees.

Certification of appraisal amount. Certificate and contract regarding use of dwelling for transient or hotel purposes.

Certificate of nondiscrimination by mortgagor.

234.70

234.249

housing in certain neighborhoods.

OPEN END ADVANCES

Eligibility of open-end advances.

Effect of amendments.

AUTHORITY: The provisions of this Part 234 issued under sec. 211, 52 Stat 23, as amended, sec. 234, 75 Stat. 160; 12 U.S.C. 1715b.

§ 234.1

DEFINITIONS

Definitions used in this subpart. As used in this subpart, the following terms shall have the meaning indicated: (a) "Commissioner" means the Federal Housing Commissioner or his authorized representative.

(b) "Act" means the National Housing Act, as amended.

(c) "FHA" means the Federal Housing Administration.

(d) "Mortgage" means a first lien covering a fee interest or eligible leasehold interest, in a one-family unit in a multifamily project, together with an undivided interest in the common areas and facilities serving the project, and such restricted common areas and facilities as may be designated.

Amended: September 2, 1964

(e) "Mortgagor" means the original borrower under a mortgage and his heirs, executors, administrators and assigns.

(f) "Mortgagee" means the original lender under a mortgage and its successors and such of its assigns as are approved by the Commissioner.