The applicant may reapply subject to concurrence of the lender. Persons are encouraged to contact the Homeownership Center serving their State, or the nearest local HUD Office. See Catalog Address Appendix IV for a list of offices. The downpayment is the difference between the maximum loan amount and the purchase price of the home, or the estimated value, whichever is less. In addition, the purchaser must pay all items of prepaid expense.
Special terms are available for qualified veterans.
A one-half percent mortgage insurance premium is required. The loan origination charge by the mortgage varies but may not normally exceed one percent of the total mortgage. Properties must be constructed or rehabilitated pursuant to an approved urban renewal plan. All approved mortgages at any time upon request by HUD must furnish a copy of their latest financial statement. The Department of Housing and Urban Development reserves the right to audit the account of the mortgage to determine its compliance and conformance with HUD regulations and standards.