Code of Federal Regulations (Last Updated: July 5, 2024) |
Title 7 - Agriculture |
Subtitle B - Regulations of the Department of Agriculture |
Chapter XXXV - Rural Housing Service, Department of Agriculture |
Part 3550 - Direct Single Family Housing Loans and Grants |
Subpart E - Special Servicing |
§ 3550.204 - Payment assistance.
Latest version.
-
§ 3550.204 Payment assistance.
Borrowers who are eligible may be offered payment assistance in accordance with subpart B of this part. Borrowers who are not eligible for payment assistance because the loan was approved before August 1, 1968, or the loan was made on above-moderate or nonprogram (NP) terms, may refinance the loan in order to obtain payment assistance if:
(a) The borrower is eligible to receive a loan with payment assistance;
(b) Due to circumstances beyond the borrower's control, the borrower is in danger of losing the property; and
(c) The property is program-eligible.