GroundRules
24 CFR 234.256: Substitute mortgagors.
Where this section sits in the code
- Title 24—Housing and Urban Development
- Subtitle B—Regulations Relating to Housing and Urban Development
- CHAPTER II—OFFICE OF ASSISTANT SECRETARY FOR HOUSING—FEDERAL HOUSING COMMISSIONER, DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
- SUBCHAPTER B—MORTGAGE AND LOAN INSURANCE PROGRAMS UNDER NATIONAL HOUSING ACT AND OTHER AUTHORITIES
- PART 234—CONDOMINIUM OWNERSHIP MORTGAGE INSURANCE
- Subpart B—Contract Rights and Obligations—Individually Owned Units
(a) Selling mortgagor. The requirements for the selling mortgagor are set forth in § 203.258(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) of this chapter.
(2) [Reserved]
(c) Applicability—current mortgagor. Paragraph (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) of this chapter.
(d) Applicability—earlier mortgagor. The occupancy and similar requirements set forth in § 203.258(d) of this chapter apply to mortgages insured under subpart A of this part.
(e) Direct endorsement. Requirements for the direct endorsement program are set forth in § 203.258(f) of this chapter.
(f) Substitute mortgagor is defined in § 203.258(f) of this chapter.
Collected 2026-08-27T02:24:55Z. Source file · JSON