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from the local health officer, but, in no event, | purposes, will be eligible for insurance only if shall such land area be less than 4,000 square feet.

(iii) Where neither a public sewer nor a public water supply is available the minimum land area shall be 20,000 square feet. This area may be reduced when the private water supply and the proposed private sanitary facilities (cesspool, septic tank or outdoor toilet) are in conformity with State regulations and written approval or acceptance is received from the local health officer,

but in no event shall such land area be less than 4,000 square feet.

(c) Structural requirements (1) Foundations. (1) All foundations shall be of masonry and shall be pier, wall or slab construc

tion.

(ii) Foundations other than slab foundation shall be carried below the frost line prevailing in the neighborhood.

(iii) No wood construction shall be less

than 18 inches from the ground in unexcavated portions, and 8 inches from the ground on the exterior, except where masonry slab foundation is employed, in which case exterior wood construction shall be at least 8 inches above the finished grade.

(2) Minimum floor area of the dwelling shall be 360 square feet. In the case of seasonal occupancy, the requirement with respect to minimum floor area need not apply.

(3) Windows. All habitable rooms, including bathrooms, shall be provided with one or more windows to permit adequate natural light and ventilation.

(4) Water supply. (1) When public water supply is available, connection shall be made to public water main.

(11) When public water supply is not available, a private water supply shall be on the mortgaged property and may be a drilled, driven or dug well or a natural spring.

(5) Sewage disposal. (1) When a water supply (private or public) and public sewer are available, a bathroom shall be provided and running water shall be piped and connected to all plumbing fixtures and the kitchen sink and connections shall be made to public sewer main.

(ii) When public water supply is available, but a public sewer is not available, a bathroom shall be provided and running water shall be piped and connected to all plumbing fixtures and the kitchen sink and a cesspool or septic tank shall be installed.

(iii) When public water supply is not available, the requirements of (ii) are not applicable.

(d) The above conditions may be varied under special circumstances and in certain areas upon prior approval of the Administrator.* [As amended Aug. 24, 1939, effective Sept. 1, 1939; 4 F.R. 3793]

NOTE: This section was revoked Dec. 14, 1939, effective Jan. 1, 1940; 4 F.R. 4987.

prior to the start of construction the lending institution obtains from the local insuring office of the Federal Housing Administration a certificate signed by the State or District Director and the Chief Underwriter approving the loan in relation to the provisions in paragraph (b) of this section.

(b) Disapproval shall be given:

(1) If the specific site is acceptable for development with the proceeds of a mortgage insurable under the provisions of Title II of the National Housing Act; except section 203 (d), or

(2) If the proposed new structure is not substantially similar in type and size to existing typical structures in the neighborhood, or

(3) If, at the time and in the community, such large numbers of new single-family dwellings have been or are being erected as to jeopardize the levels of values and rents in the community or impair the continued marketability of such dwellings.

(c) The approval provided for in paragraph (a) of this section shall not be binding upon the Administrator with respect to compliance with any other provisions of the regulations in this part.* [Regs., June 20,

1939, effective July 1, 1939; 4 F.R. 2791]

NOTE: This section was revoked Aug. 24, 1939, effective Sept. 1, 1939; 4 FR. 3794.

§ 501.16 Allowable new dwelling structure fees. (a) In addition to the maximum permissible financing charge which may be paid by the borrower in connection with a loan for the purpose of financing the building of a new structure for use in whole or in part for residential purposes as provided in § 501.5, incurred by the insured institution in conthe following allowable costs or expenses if nection with the transaction may be collected from the borrower, provided such costs or expenses are not paid from the net proceeds advanced to the borrower:

(1) Recording fees.

(2) Title examination fees.
(3) Fire insurance premiums.

(4) Total actual appraisal-inspection fee not in excess of $15.00.

(b) The borrower may pay to the lending institution and the lending institution may accept from the borrower a sum which will be sufficient to pay the ground rents, if any, and the estimated taxes and special assessments for the period beginning on the date to which such ground rents, taxes, and assessments were last paid and ending on their due date. The handling of such funds for the accommodation of the borrower shall not be construed as increasing the maximum permissible financing charge provided in § 501.5. [Regs., June 20, 1939, effective July 1, 1939; 4 F.R. 2791]

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[Preceding section, in small type, superseded by following section, also in small type, during period covered by this Supplement]

§ 501.15 Prior approval; new dwelling structure loans. (a) A loan for the purpose § 501.16 Allowable class 3 loan fees. (a) of financing the building of a new structure, In addition to the maximum permissible fifor use in whole or in part for residential | nancing charge which may be paid by the

borrower in connection with a class 3 loan as provided in § 501.5, the following allowable costs or expenses if incurred by the insured institution in connection with the transaction may be collected from the borrower, provided such costs or expenses are not paid from the net proceeds advanced to the bor

rower:

(a) Recording fees.

(b) Title examination fees.

(c) Fire insurance premiums.

(d) Total actual appraisal fee not in excess of $10.

(e) The $10 paid to the Administrator for examining the loan.

(b) The borrower may pay to the lending institution and the lending institution may accept from the borrower a sum which will be sufficient to pay the ground rents, if any, and the estimated taxes and special assessments for the period beginning on the date to which such ground rents, taxes, and assessments were last paid and ending on their due date. The handling of such funds for the accommodation of the borrower shall not be construed as increasing the maximum permissible financing charge provided in § 501.5.* [As amended Aug. 24, 1939, effective Sept. 1, 1939; 4 F.R. 3794]

NOTE: This section was revoked Dec. 14, 1939, effective Jan. 1, 1940; 4 F.R. 4988.

§ 501.17 Insurance reserve. (a) Subject to the limitation that his total liability which may be outstanding at any one time plus the amount of claims paid in respect of all insurance heretofore and hereafter granted shall not exceed $100,000,000, the Administrator, in accordance with § 501.12, will reimburse any insured institution for losses sustained by it up to a total aggregate amount equal to 10 percent of the total amount advanced by it during the time its contract of insurance is in force, on all eligible obligations previously reported for insurance, taken or purchased by it on and after July 1, 1939, and held by it, or on which it remains liable. (b) If obligations previously reported for insurance under contracts of insurance issued pursuant to the National Housing Act, as amended, effective July 1, 1939, are sold to another insured institution endorsed with or without recourse, the buying and selling institutions may agree, with the prior approval of the Administrator, to transfer all or any part of the insurance reserve standing to the credit of the selling institution, to the purchasing institution. Where the parties agree to transfer an insurance reserve in excess of 10 percent of the actual purchase price of the obligations involved, or in excess of 10 percent of the net unpaid original advance on the obligations involved, whichever is the lesser, the entire insurance reserve transferred may be used to pay only those claims arising out of defaults occurring in the transferred obligations. When the obligations so transferred have all been fully paid to the purchasing institution, it shall so notify the Administrator, and any insurance reserve remaining unused shall thereupon revert to the institution from which it was originally transferred.

(c) Where the parties agree to transfer an insurance reserve not in excess of 10 percent of the actual purchase price of the obligations involved, or not in excess of 10 percent of the net unpaid original advance on the obligations involved, whichever is the lesser,

the insurance reserve so transferred will be credited to the general reserve of the purchasing institution in the absence of any agreement to the contrary between the purchasing and selling institutions.

(d) The transfer of insurance reserve in cases of merger or consolidation of two or more insured institutions, or of an insured with an uninsured institution, will be provided for by the Administrator in accordance with the facts of the particular case.

(e) In all cases involving the transfer of insured obligation, the reports required by § 501.11 must be filed and shall indicate the intent of the parties with regard to the transfer of the insurance reserve, and must show that no note to be transferred is delinquent more than 1 calendar month at the time of such transfer.

(f) Where the notes are transferred withment and the reports do not indicate the out recourse, guarantee, or repurchase agreeintent of the parties, the insurance reserve will be transferred to the general reserve of the purchasing institution on the basis of 10 percent of the actual purchase price of the obligations involved, or 10 percent of the net unpaid original advance on the obligations involved, whichever is the lesser.

(g) Where the transfer of the obligations is with recourse or under a guarantee or purchase agreement and the required reports do not show the intent of the parties, no insurance reserve will be transferred.

(h) The selling price on the transfer of will not affect the insurance on the note. an insured note between insured institutions The calculation of insured loss will be based on the original transaction of the institution first reporting the loan for insurance.

(i) Where notes reported for insurance by other insured institution as security for a one insured institution are pledged to antion's insurance reserve may be made with loan, an assignment of the pledging instituthe prior consent of the Administrator, provided requests for such consent are accompanied by a signed agreement between the

two institutions.

(j) Amounts which may be salvaged by the Administrator with respect to a loan in conreimbursed under its contract of insurance nection with which an institution has been shall not be added to the insurance reserve remaining to the credit of such institution except as provided in § 501.12 (b) (4) in the case of class 3 loans.* [Regs., June 20, 1939, effective July 1, 1939, and Aug. 24, 1939, effective Sept. 1, 1939, as amended Sept. 15, 1939, effective Sept. 25, 1939; 4 FR. 2791, 3794, 4063]

NOTE: The July 1, 1939 and Sept. 1, 1939 revisions of this section were identical.

Paragraph (1) of this section was amended by adding the words after the words "such

institution," Sept. 15, 1939, effective Sept. 25, | whichever is the lesser, the insurance re1939; 4 FR. 4063.

[Preceding section, in small type, superseded by following section during period covered by this Supplement]

§ 501.17 Insurance reserve. (a) Subject to the limitation that his total liability which may be outstanding at any one time plus the amount of claims paid in respect of all insurance heretofore and hereafter granted shall not exceed $100,000,000, the Administrator, in accordance with § 501.11, will reimburse any insured institution for losses sustained by it up to a total aggregate amount equal to 10 percent of the total amount advanced by it with respect to class 1, class 2, and class 3 loans during the time its contract of insurance is in force, on all eligible obligations previously reported for insurance, taken or purchased by it on and after July 1, 1939, and held by it, or on which it remains liable.

(b) If the obligations previously reported for insurance under contracts of insurance issued pursuant to the National Housing Act, as amended, effective July 1, 1939, are sold to another insured institution endorsed with or without recourse, the buying and selling institutions may agree, with the prior approval of the Administrator, to transfer all or any part of the insurance reserve standing to the credit of the selling institution, to the purchasing institution. Where the parties agree to transfer an insurance reserve in excess of 10 percent of the actual purchase price of the obligations involved, or in excess of 10 percent of the net unpaid original advance on the obligations involved, whichever is the lesser. the entire insurance reserve transferred may be used to pay only those claims arising out of defaults occurring in the transferred obligations. When the obligations so transferred have all been fully paid to the purchasing institution, it shall so notify the Administrator, and any insurance reserve remaining unused shall thereupon revert to the institution from which it was originally transferred.

serve so transferred will be credited to the general reserve of the purchasing institution in the absence of any agreement to the contrary between the purchasing and selling institutions.

(d) The transfer of insurance reserve in cases of merger or consolidation of two or more insured institutions, or of an insured with an uninsured institution, will be provided for by the Administrator in accordance with the facts of the particu

lar case.

(e) In all cases involving the transfer of insured obligations, the reports required by § 501.10 must be filed and shall indicate the intent of the parties with regard to the transfer of the insurance reserve, and must show that no note to be transferred is delinquent more than 1 calendar month at the time of such transfer.

(f) Where the notes are transferred

without recourse, guarantee, or repurchase agreement and the reports do not indicate the intent of the parties, the insurance reserve will be transferred to the general reserve of the purchasing institution on the basis of 10 percent of the actual purchase price of the obligations involved, or 10 percent of the net unpaid original advance on the obligations involved, whichever is the lesser.

(g) Where the transfer of the obligations is with recourse or under a guarantee or purchase agreement and the required reports do not show the intent of the parties, no insurance reserve will be transferred.

(h) The selling price on the transfer of an insured note between insured institutions will not affect the insurance on the note. The calculation of insured loss will be based on the original transaction of the institution first reporting the loan for insurance.

(i) Where notes reported for insurance by one insured institution are pledged to another insured institution as security for a loan, an assignment of the pledging institution's insurance reserve may be (c) Where the parties agree to transfer made with the prior consent of the Adan insurance reserve not in excess of 10 ministrator, provided requests for such percent of the actual purchase price of consent are accompanied by a signed the obligations involved, or not in excess agreement between the two institutions. of 10 percent of the net unpaid original (j) Amounts which may be salvaged by advance on the obligations involved, | the Administrator with respect to a loan

seded by following section during period cov[Preceding section, in small type, superered by this Supplement]

in connection with which an institution | this section.* [Regs., June 20, 1939, effective has been reimbursed under its contract July 1, 1939; 4 F.R. 2792] of insurance shall not be added to the insurance reserve remaining to the credit of such institution.* [As amended Dec. 14, 1939, effective Jan. 1, 1940; 4 FR. 49871

§ 501.18 Insurance charge. (a) Insured institutions shall pay to the Administrator an insurance charge equal to three-fourths of 1 percent per annum of the net proceeds of any loan reported for insurance; Provided, however, That such insurance charge shall be equal to one-half of 1 percent per annum of the net proceeds of any loan which is for the purpose of financing the construction of a new structure for use in whole or in part for residential purposes.

(b) The insurance charge so calculated shall be paid by check or draft to the order of the Federal Housing Administrator, within 25 days of the date the Administrator acknowledges recept of the report of any such loan to the insured institution.

(c) When the proceeds of any loan are used to liquidate a loan previously reported for insurance under the regulations in this part, there shall be deducted from the amount of the insurance charge the pro-rata share of the insurance charge paid on the original obligation.

(d) There shall not be refunded any portion of the insurance charge paid by the insured institution with respect to any loan, unless it is subsequently found to have been in whole or in part ineligible for insurance, in which event the insurance charge paid with respect to the ineligible portion of the advance shall be refunded by the Administra

tor to the insured institution.

(e) The purchaser of an insured obligation shall not be required to pay the insurance charge provided in this section with respect to the insurance of any obligation transferred under the provisions of § 501.17 with respect to which an insurance charge has previously been paid by the seller, and no refund shall be made to the seller as to any part of the insurance charge previously paid with respect to any obligation so transferred. Any adjustments of the insurance charge paid with respect to the insurance of any obligation transferred shall be made between the purchaser and the seller.

(f) No part of the insurance charge paid by the insured institution shall be passed on to the borrower either directly or indirectly nor shall it increase the maximum permissible charge which may be paid by the borrower for interest, discount and fees of all kinds in connection with the transaction as provided in the regulations in this part.

(g) Subject to the other provisions of the regulations in this part, the insurance granted under Title I of the National Housing Act, as amended, shall be effective with respect to any loan from the date of the report thereof to the Administrator, Provided, That the insurance charge with respect to such loan has been paid as required by

§ 501.18 Insurance charge. (a) Insured institutions shall pay to the Administrator an insurance charge equal to three-fourths of 1 percent per annum of the net proceeds of any class 1 or class 2 loan and one-half of 1 percent per annum of the net proceeds of any class 3 loan reported for insurance for the entire term of such loan.

(b) The insurance charge so calculated for class 1 and class 2 loans shall be paid by check or draft to the order of the Federal Housing Administrator, within 25 days after the date the Administrator acknowledges receipt to the insured institution of the report of any such loan; the insurance charge so calculated for class 3 loans shall be payable in the same manner but may be paid annually in advance during the term of the loan, provided the initial annual installment is paid within 25 days after the date the Administrator acknowledges receipt to the insured institution of the report of any such loan and each subsequent annual installment is paid annually thereafter on the anniversaries of the first day of the month following the date of the note. In the event the loan is paid in full prior to maturity or in the event the insured institution conveys title to the property to the Administrator in accordance with the provisions of § 501.12, the insured institution shall pay to the Administrator at the time of such payment in full or conveyance of the title the amount of all unpaid insurance charges for the unexpired term of the loan.

to liquidate a loan previously reported for (c) When the proceeds of any loan are used insurance under the regulations in this part, there shall be deducted from the amount of the insurance charge the pro rata share of the insurance charge paid on the original obligation.

(d) There shall not be refunded any portion of the insurance charge paid by the insured institution with respect to any loan, unless it is subsequently found to have been in whole or in part ineligible for insurance, in which event the insurance charge paid with respect to the ineligible portion of the advance shall be refunded by the Administrator to the insured institution.

(e) The purchaser of an insured obligation shall not be required to pay the insurance charge provided in this section with respect to the insurance of any obligation transferred under the provisions of § 501.16 with respect to which an insurance charge has previously been paid by the seller, and no refund shall be made to the seller as to any part of the insurance charge previously paid with respect to any obligation so transferred. Any adjustments of the insurance charge paid with respect to the insurance of any obligation transferred shall be made between the purchaser and the seller.

(f) The insurance charge paid by the insured institution shall not be charged to the borrower if such charge would cause the total

payments made by the borrower to exceed the | to the seller as to any part of the insurmaximum permissible amount which may be charged to the borrower for interest, discount and all other charges in connection with the transaction.

ance charge previously paid with respect to any obligation so transferred. Any adjustments of the insurance charge paid with respect to the insurance of any obli

(g) Subject to the other provisions of the regulations in this part, the insurance granted under Title I of the National Hous-gation transferred shall be made between ing Act, as amended, shall be effective with the purchaser and the seller. respect to any loan from the date of the report thereof to the Administrator provided that the insurance charge with respect to such loan has been paid as required by this section.* [As amended Aug. 24, 1939, effective Sept. 1, 1939, and Sept. 15, 1939, effective Sept. 25, 1939, 4 F.R. 3794, 4063]

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(b) The insurance charge so calculated shall be paid by check or draft to the order of the Federal Housing Administrator, within 25 days after the date the Administrator acknowledges receipt to the insured institution of the report of

loan.

(f) The insurance charge paid by the insured institution shall not be charged to the borrower if such charge would cause the total payments made by the borrower to exceed the maximum permissible amount which may be charged to the borrower for interest, discount and all other charges in connection with the transaction.

(g) Subject to the other provisions of the regulations in this part, the insurance granted under Title I of the National Housing Act, as amended, shall be effective with respect to any loan from the date of the report thereof to the Administrator, Provided, That the insurance charge with respect to such loan has been paid as required by this section.* [As amended Dec. 14, 1939, effective Jan. 1, 1940; 4 F.R. 4987]

§ 501.19 Administrative reports and examination. The Administrator, in his discretion, may at any time or from time to time call for a report from any institution on the delinquency status of the obligations held by such institution and reported for insurance, (c) When the proceeds of any loan are or call for such reports as he may deem to be necessary in connection with the regulations used to liquidate a loan previously re- in this part, or he or his authorized representported for insurance under the regula-ative may inspect the books or accounts of tions in this part, there shall be de- the lending institution as they pertain to the loans reported for insurance. ducted from the amount of the insurance 20, 1939, effective July 1, 1939, and Aug. 24, [Regs., June charge the prorata share of the insurance 1939, effective Sept. 1, 1939; 4 F.R. 2792, 3795] charge paid on the original obligation. NOTE: The July 1, 1939, and Sept. 1, 1939, revisions of this section were identical.

(d) There shall not be refunded any portion of the insurance charge paid by the insured institution with respect to any loan, unless it is subsequently found to have been in whole or in part ineligible for insurance, in which event the insurance charge paid with respect to the ineligible portion of the advance shall be refunded by the Administrator to the insured institution.

(e) The purchaser of an insured obligation shall not be required to pay the insurance charge provided in this section with respect to the insurance of any obligation transferred under the provisions of § 501.12 with respect to which an insurance charge has previously been paid by the seller, and no refund shall be made

[Preceding section, in small type, superseded by following section during period covered by this Supplement]

§ 501.19 Administrative reports and examination. The Administrator, in his discretion, may at any time or from time to time call for a report from any institution on the delinquency status of the obligations held by such institution and reported for insurance, or call for such reports as he may deem to be necessary in connection with the regulations in this part, or he or his authorized representative may inspect the books or accounts of the lending institution as they pertain to the loans reported for insurance.* [As amended Dec. 14, 1939, effective Jan. 1, 1940; 4 F.R. 4987]

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