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ARMED SERVICES HOUSING - IMPACTED AREAS

Subpart D-Contract Rights and Ob- Sec. ligations Individual Mortgages

203.420 Nature of Mutual Mortgage Insur

ance Fund. 203.421 Allocation of Mutual Mortgage In

surance Fund Income or Loes. Sec.

203.422 Right and lability under Mutual 810.751 Incorporation by reference Indi

Mortgage Insurance Fund. vidual Mortgages.

208.428 Distribution of distributive shares. AUTHORITY: The provisions of this 203.224 Maximum amount of distributive Part 810 issued under secs. 807, 810,

shares. 69 Stat. 651, 73 Stat. 683; 12 U.S.C. 203.425 Finality of determination. 17481, 1748h-2.

203.440 et seq. losured home improvement

loans.

Amended: March 15, 1962; May 22 1962 § 810.751 Incorporation by reference Individual Mortgages.

(b) For the purposes of this subpart, (a) All of the provisions of Subpart B,

all references in Part 203 of this chapter

to section 203 of the act shall be conPart 203 of this chapter covering mortgages insured under section 203 of the

strued to refer to section 810 of the act, National Housing Act apply to Individual

and all references to the Mutual MortMortgages insured under section 810 of

gage Insurance Fund shall be construed the National Housing Act except the fol

to refer to the General Insurance Fund. lowing provisions:

Amended: August 10, 1965

NATIONAL DEFENSE HOUSING INSURANCE

SUBCHAPTER UNATIONAL DEFENSE HOUSING

INSURANCE

PART 903—INDIVIDUAL RESIDENCES;

NATIONAL DEFENSE HOUSING
MORTGAGE INSURANCE

Sec. 203.405 Debenture Interest rate. 203.406 Maturity of debentures. 203.420 Nature of Mutual Mortgage Insur

ance Fund. 203.421 Allocation of Mutual Mortgage In

surance 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 Applicability to outstanding mort

gages and commitments. 203.499 Effective date.

Subpart A-Eligibility Requirements

[Reserved)

Subpart B-Contract Rights and

Obligations Sec. 903.251 Incorporation by reference. 903.255 Due date of initial MIP. 903.260 Adjustment of initial MP. 903.265 Amount of annual MIP. 903.270 Pro rata adjustment of MIP upon

prepayment. 903.275 Payment of delinquent interest. 903.280 Special forbearance relief-owner

ship of 10-unit project. 903.285 Effect of special forbearance agree

ment on default and MIP. 903.290 Insured benefits conveyed prop

erties—foreclosure costs. 903.295 Debenture interest rate. 903.300 Maturity of debentures. 903.305 Applicability to outstanding mort

gages and commitments. AUTHORITY: The provisions of

this Part 903 issued under secs. 903, 907, 65 Stat. 296, as amended, 301; 12 U.S.C. 17506, 1750f.

(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. 8 903.255 Due date of initial MIP.

The initial MIP shall be paid on the date on which the insurance becomes effective by endorsement. 8 903.260 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. 8 903.265 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

8 903.251 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.

with the consent of the Commissioner, the mortgagee shall continue to pay annual MIP to the Commissioner. Annual MIP shall be paid on the anniversary date of the beginning of amortization. It shall be paid in an amount equal to one-half percent of the average outstanding principal obligation for the 12month period following the date on which the premium becomes payable. 8 903.270 Pro rata adjustment of MIP

upon prepayment. Upon prepayment of the mortgage in full prior to maturity, the Commissioner shall refund to the mortgagee for the account of the mortgagor an amount equal to the pro rata portion of the current MIP theretofore paid which is applicable to the portion of the year subsequent to such payment, computed from the first day of the month following the month in which such prepayment occurs. No such refund shall be made in any case where the prepayment occurs in the twelfth month of the premium year. 8 903.275 Payment of delinquent inter

est. The mortgagee may, with the written consent of the Commissioner, apply partial payments to delinquent interest to the exclusion of prior delinquent principal payments at a rate not in excess of the interest rate applicable to debentures to which the mortgagee may be entitled. Where the partial payments are so applied, the date of default shall be 30 days after the due date of the earliest monthly payment any part of which remains unpaid. 8 903.280 Special forbearance relief,

ownership of ten unit project. The Commissioner may consent to the mortgagee entering into a written agreement with the mortgagor providing for

& postponement for a period not to exceed 1 year of that part of the monthly payment which represents amortization of principal where the mortgagor is the owner of a group of properties consisting of a project of not less than 10 rental units. Such agreement shall obligate the mortgagor to deposit with the mortgagee the entire net income from all of the properties comprising the project, under arrangements satisfactory to the Commissioner. The agreement shall also obligate the mortgagor to resume monthly payments after the effective period of the agreement in such amounts as will completely amortize the mortgage indebtedness within the original maturity. The agreement shall in no way affect the amount of the annual MIP which shall continue to be calculated in accordance with the original amortization provisions. & 903.285 Effect of special forbearance

agreement on default and MIP. If the mortgagee withholds foreclosure proceedings against the mortgagor pursuant to the provisions of a forbearance agreement approved by the Commissioner, partial payments on the mortgage received by the mortgagee shall be applied and reapplied in the manner prescribed in such agreement. Where payments are so applied, the date of default shall be 30 days after the due date of the earliest monthly payment, any part of which remains unpaid. In such instances, the Commissioner may not require the payment of MIP or any portion thereof to the extent that partial payments received from the mortgagor during the period of forbearance are insuficient to pay such premiums after applying the partial payments to delinquent interest. The rate of delinquent interest shall be not in excess of the interest rate applicable to debentures to which the mortgagee may be entitled.

Jan.

34.

8 903.290 Insurance benefits conveyed

ments issued prior to May 29, 1954, and properties foreclosure costs.

at the rate of 242 percent per annum

in the case of mortgages endorsed for All of the provisions of $ 203.402 of

insurance after May 29, 1954, and purthis chapter shall govern the computa

suant to commitments issued prior to tion of the items included in insurance

August 9, 1954, and at the rate in effect benefits for conveyed properties, except

as of the date the commitment was that in lieu of the allowance in para

issued or as of the date the mortgage graph (f) of $ 203.402 of this chapter for

was endorsed for insurance in the case foreclosure costs or for the costs of ac

of mortgages committed or endorsed for. quiring the property otherwise, there

insurance on or after August 9, 1954. shall be included on account of such

The following additional interest rates costs, in those cases involving mortgages

are effective for the dates listed: on which the unpaid principal obligation at the time of the institution of fore

Effective rate (percent) On or alterclosure exceeds 80 percent of the ap

Prior to praised value of the property as of the

24 date the mortgage was accepted for in

Jan.
Aug. 9, 1964

1, 1965 274.

1, 1965 July 1, 1966 surance, an amount not in excess of the 27.

July 1, 1966 July 1, 1966 greater of the following:

3.

July 1, 1956

Jan.

1, 1967

Jan. 1, 1967 July 1, 1967 (a) Two percent of the unpaid prin- 3%.

July 1, 1957 cipal of the mortgage as of the date of the institution of foreclosure proceed

8 903.300 Maturity of debentures. ings, but not in excess of $75; or (b) Two-thirds of the foreclosure

Debentures shall mature as follows: costs or the costs of acquiring the prop

(a) Where the mortgage was insured erty otherwise.

pursuant to a commitment issued prior to August 9, 1954, the debentures shall mature 10 years after the date of issue of such debentures.

(b) Where the mortgage was insured 8 903.295 Debenture interest rate.

pursuant to a commitment issued on or

after August 1954, the debentures shall Debentures shall bear interest from

mature 20 years after the date of issue of the date of issue, payable semiannually such debentures. on the first day of January and the first day of July of each year at the rate of $ 903.305 Applicability to outstanding

mortgages and commitments. 242 percent per annum in the case of mortgages endorsed for insurance prior The regulations in this part are effecto July 8, 1953, and at the rate of 23% tive as to all mortgages on which & percent per annum in the case of mort- commitment to insure is issued to an gages endorsed for insurance on or after approved mortgagee on or after August July 8, 1953 and pursuant to commit- 11, 1954.

FHA 3000-65 NHA-Sec. 903, National Defense-Individual Residences

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