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Code of Federal Regulations (Last Updated: July 5, 2024) |
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Title 24 - Housing and Urban Development |
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Subtitle B - Regulations Relating to Housing and Urban Development |
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Chapter II - Office of Assistant Secretary for Housing - Federal Housing Commissioner, Department of Housing and Urban Development |
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SubChapter B - Mortgage and Loan Insurance Programs Under National Housing Act and Other Authorities |
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Part 234 - Condominium Ownership Mortgage Insurance |
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Subpart B - Contract Rights and Obligations - Individually Owned Units |
§ 234.256 - Substitute mortgagors.
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§ 234.256 Substitute mortgagors.
(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.
[55 FR 34814, Aug. 24, 1990, as amended at 57 FR 38352, Dec. 9, 1992; 61 FR 60163, Nov. 26, 1996]