real estate finance - full book (500 pgs)

Section 234 to finance the purchase or construction

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: e to meet the general FHA qualifying guidelines is 5-30 Licensing School for Appraisal, CPA, Contractors, Insurance, Real Estate, Notary, Nurse, Food Handlers, Tax and Securities 5: GOVERNMENT PARTICIPATION & BACKED LOANS able to secure a home improvement loan. For details once again, please visit their web site. TITLE II – MORTGAGE INSURANCE LOANS Title Il of the National Housing Act sets up a permanent program of mortgage insurance loans made for the following purposes: Section 203 – To finance the construction or purchase of one–family to four–family dwellings, single–family dwellings for victims of a major disaster and low–cost single family homes in suburban and outlying areas. Section 207 – To finance the construction of large scale rental housing projects, seasonal homes, loans to certain veterans, and for mobile home parks. Section 213 – To finance the construction of nonprofit cooperatives of the management or sales type, and the purchase of individual mortgages released from a sales type project mortgage. Section 220 – To finance the rehabilitation of existing dwellings and the construction of new dwellings in designated urban renewal areas. Section 221 – To finance lowest new or rehabilitated housing for the relocation of families displaced by slum clearance projects or other governmental action. Section 221 is composed of three divisions: Section 221(d)(2) is utilized to finance single–family units, Section 221 (d)(3) to finance subsidized multifamily units and Section 221 (d)(4) to finance nonsubsidized multifamily units. Section 222 – To finance the purchase or construction of dwellings by servicemen on active duty with the Coast Guard and the National Oceanic and Atmospheric Administration. Section 223(f) – To finance the purchase or refinancing of existing multi– family projects. Minimum size – 8 living units. Section 231 – To finance the construction or rehabilitation of rental housing projects designed specifically for elderly persons. Section 232 – To finance the construction of facilities for skilled nursing care, convalescents and others who do not need hospital treatment. Dynasty School (www.dynastySchool....
View Full Document

This note was uploaded on 12/30/2010 for the course SOC 101 taught by Professor Zhung during the Spring '10 term at Punjab Engineering College.

Ask a homework question - tutors are online