real estate finance - full book (500 pgs)

Repayment periods may not exceed 10 years title xl to

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Unformatted text preview: com) 5-31 REAL ESTATE FINANCE Section 233 – To finance single and multifamily units where the design and(or material used is of a nature to be considered experimental. Section 234 – To finance the purchase or construction of multifamily structures where the individual purchases the unit and is given deed to same along with undivided interest in common areas and facilities. This section is commonly known as the Condominium Housing Program. Section 235– To provide homeowner–ship assistance in the form of periodic payments by the FHA to mortgagees, which would reduce interest costs to the purchaser of market rate home mortgages and on the share of a cooperative association mortgage. Section 236 – To provide assistance to tenants and cooperators in the form of periodic interest reduction payments by FHA to the mortgagee for rental and cooperative housing projects serving low–income families. Section 237– To finance homeowner–ship for certain lower–income families who cannot qualify under normal standards because of their poor credit records, but who can meet mortgage payments with appropriate budget and financial counseling. Section 241 – To finance improvements or additions to a multifamily protect, nursing home, or group practice facility that is subject to a mortgage insured under a section or title of the Act. Section 242 – To finance new and rehabilitated (modernized) hospitals including major removable equipment to be used in operating them. The hospital must be owned and operated by one or more corporations or associations, eligibility of which is determined by the Public Health Service. Section 243– To provide homeowner–ship for middle–income families. Section 245 –To finance the purchase of a single–family dwelling under the Graduated Payment Mortgage Plan. Limited to owner–occupants, it permits lower monthly payments in the first 5 years of the loan, increasing each year to a final and constant level, higher than would be the case under 203b. Cash down payments usually are higher. 5-3...
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