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810.545 Maximum term.

The mortgage shall come due on the first of a month and must have a maturity satisfactory to the Commissioner, not more than 35 years or the unexpired term of the Multifamily Sales Project mortgage at the time of release of the mortgaged property from such property mortgage.

§ 810.550 Amortization period.

The amortization period shall be either 10, 15, 20, 25, 30 or 35 years by providing for 120, 180, 240, 300, 360 or 420 monthly amortization payments.

§ 810.555 Release from Multifamily Sales Project mortgage.

To be released from the lien of a project mortgage, the property to be released and mortgaged shall be included as part of a Multifamily Sales Project and shall have located thereon a singlefamily dwelling. The mortgage shall be executed in connection with the release of such property from the lien of the project mortgage and to replace or refinance the project mortgage as to such property.

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§ 903.251

Incorporation by reference.

All of the provisions of Subpart B, Part 203 of this chapter covering mortgages insured under section 203 of the National Housing Act apply to mortgages covering individual homes in connection with national defense housing insurance under section 903 of the National Housing Act, except the following:

Sec.

203.266 Due date of initial MIP. 203.268 Adjustment of initial MIP. 203.269 Pro rata payment of initial MIP. 203.275 Amount of annual MIP. 203.276 Due date of annual MIP. 203.278 Pro rata payment of annual MIP. 203.402 Items included in payment-con

veyed properties.

Sec.

203.405

203.406

203.420

Debenture Interest rate.
Maturity of debentures.

Nature of Mutual Mortgage Insur-
ance Fund.

203.421

Allocation of Mutual Mortgage Insurance Fund income or loss. 203.422 Right and liability under Mutual Mortgage Insurance Fund.

203.423 Distribution of distributive shares. 203.424 Maximum amount of distributive shares.

203.425 Finality of determination. 203.498

203.499

(b) For the purposes of this subpart, all references in Part 203 of this chapter to section 203 of the act shall be construed to refer to section 903 of the act, and all references to the Mutual Mortgage Insurance Fund shall be construed to refer to the General Insurance Fund. Due date of initial MIP. § 903.255

Applicability to outstanding mortgages and commitments. Effective date.

The initial MIP shall be paid on the date on which the insurance becomes effective by endorsement.

§ 903.260 Adjustment of initial MIP.

Regardless of whether the period covered by the MIP is more or less than 1 year, a payment shall be made to the Commissioner on account of the initial MIP which payment shall be in an amount equal to one-half percent of the average outstanding principal obligation for the first year of amortization under the mortgage. If such payment is less than the minimum premium or more than the maximum premium prescribed by the act, the initial MIP shall be in such minimum amount and the amount of the second premium shall be adjusted accordingly. If such payment is within the limitations prescribed by the act, no adjustment shall be made and the amount of the payment shall be retained by the Commissioner as the initial MIP. § 903.265 Amount of annual MIP.

After payment of the initial MIP and until the mortgage is paid in full or until an application for insurance benefits is received by the Commissioner or until the contract is otherwise terminated

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