Source: https://www.law.cornell.edu/cfr/text/24/1005.105
Timestamp: 2017-04-23 14:05:34
Document Index: 147253819

Matched Legal Cases: ['art 1005', '§ 1005', 'art 50', '§ 1000', 'art 58', '§ 203', '§ 1715']

24 CFR 1005.105 - What are eligible loans? | US Law | LII / Legal Information Institute
CFR › Title 24 › Subtitle B › Chapter IX › Part 1005 › Section 1005.105 24 CFR 1005.105 - What are eligible loans?
§ 1005.105 What are eligible loans?
(a)In general. Only fixed rate, fixed term loans with even monthly payments are eligible under the Section 184 program. (b)Eligible borrowers. A loan guarantee under section 184 may be made to:
(c)Appraisal of labor value. The value of any improvements to the property made through the skilled or unskilled labor of the borrower, which may be used to make a payment on account of the balance of the purchase price, must be appraised in accordance with generally acceptable practices and procedures. (d)Construction advances. The Department may guarantee loans from which advances will be made during construction. The Department will provide guarantees for advances made by the mortgagee during construction if all of the following conditions are satisfied: (1) The mortgagor and the mortgagee execute a building loan agreement, approved by HUD, setting forth the terms and conditions under which advances will be made; (2) The advances may be made only as provided in the building loan agreement;
(e)Environmental compliance.
(1) Section 1000.20 of this chapter applies to an environmental review in connection with a loan guarantee under this part. That section permits an Indian tribe to choose to assume environmental review responsibility. (2) Before HUD issues a commitment to guarantee any loan, or before HUD guarantees a loan if there is no commitment, HUD must: (i) Comply with environmental review procedures to the extent applicable under part 50 of this title, in accordance with § 1000.20(a) and (c); or (ii) Approve a Request for Release of Funds and certification from an Indian tribe, in accordance with part 58 of this title, if the Indian tribe has assumed environmental review responsibility. (3) If the loan involves proposed or new construction, HUD will require compliance with procedures comparable to those required by § 203.12(b)(2) of this title for FHA mortgage insurance.
(f)Lack of access to private financial markets. In order to be eligible for a loan guarantee if the property is not on trust or restricted land, the borrower must certify that the borrower lacks access to private financial markets. Borrower certification is the only certification required by HUD.
[ 61 FR 9054, Mar. 6, 1996. Redesignated and amended at 63 FR 12349, 12372, Mar. 12, 1998; 63 FR 48990, Sept. 11, 1998; 67 FR 19493, Apr. 19, 2002]
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 BANKING§ 1715z-13a