Source: http://www.law.cornell.edu/cfr/text/24/203.31
Timestamp: 2013-12-21 23:15:30
Document Index: 480723763

Matched Legal Cases: ['art 203', '§ 203', '§ 203', '§ 1709', '§ 1710', '§ 1715', '§ 1715', '§ 1715', '§ 1716', '§ 3535']

24 CFR 203.31 - Mortgagor of a principal residence in military service cases. | LII / Legal Information Institute
CFR › Title 24 › Subtitle B › Chapter II › Subchapter B › Part 203 › Subpart A › Section 203.31 24 CFR 203.31 - Mortgagor of a principal residence in military service cases.
§ 203.31
Mortgagor of a principal residence in military service cases.
A mortgage that is otherwise eligible for insurance under any of the provisions of this part may be insured without regard to any requirement contained in this part that the mortgagor occupy the dwelling as a principal residence (as defined in § 203.18(f)(1)) at the time of insurance, or that the mortgagor meet loan-to-value or comparable limitations based on the failure of the mortgagor to meet an occupancy requirement, if:
The Commissioner is satisfied that the inability of the mortgagor to meet the occupancy requirement is by reason of his or her entry into military service after the filing of an application for insurance; and
The mortgagor expresses an intent (in such form as the Commissioner may prescribe), to meet the occupancy requirement upon his or her discharge from the service.
A serviceperson will also be considered to meet the occupancy requirement referred to in paragraph (a) of this section for mortgage insurance purposes, if the following conditions are satisfied:
The serviceperson and his or her family expect to meet the occupancy requirement referred to in paragraph (a) of this section for two or more years. The Commissioner may shorten this period to one year, if (i) the serviceperson's family will occupy the property for at least one year and (ii) the serviceperson is assigned to a combat zone or other hazardous duty area where the family cannot accompany him or her; and
The property is located in an area in which the prospects of resale are reasonable.
[55 FR 34804, Aug. 24, 1990]
This is a list of United States Code sections, Statutes at Large, Public Laws, and Presidential Documents, which provide rulemaking authority for this CFR Part.This list is taken from the Parallel Table of Authorities and Rules provided by GPO [Government Printing Office].It is not guaranteed to be accurate or up-to-date, though we do refresh the database weekly. More limitations on accuracy are described at the GPO site.United States CodeU.S. Code: Title 12 - BANKS AND BANKING12 U.S. Code § 1709 - Insurance of mortgages12 U.S. Code § 1710 - Payment of insurance12 U.S. Code § 1715b - Rules and regulations12 U.S. Code § 1715u - Authority to assist mortgagors in default12 U.S. Code § 1715z–16 - Adjustable rate single family mortgages12 U.S. Code § 1716–1, 1716a - Repealed. Aug. 2, 1954, ch. 649, title II, U.S. Code: Title 42 - THE PUBLIC HEALTH AND WELFARE42 U.S. Code § 3535 - Administrative provisions