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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....
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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.
- Spring '10