Catalog of Federal Domestic Assistance
| CATALOG OF FEDERAL DOMESTIC
14.165: Mortgage Insurance: Homes: Military Impacted Areas
|PROGRAM AND AWARD||FINANCIAL AND INFORMATION CONTACTS|
|ELIGIBILITY REQUIREMENTS||FINANCIAL AND ADMINISTRATIVE INFO.|
|APPLICATION AND AWARD PROCESS||INFORMATION CONTACTS|
|RELATED PROGRAMS||ASSISTANCE CONSIDERATIONS|
|PROGRAM ACCOMPLISHMENTS||POST ASSISTANCE REQUIREMENTS|
Applicant Eligibility: All families intending to occupy the property are eligible to apply. The requirements will vary with the Section under which the loan is insured. Section 203(b) requirements are outlined below.
Beneficiary Eligibility: Individuals/families.
Credentials/Documentation: Documentation regarding the characteristics of the property and the qualifications of the mortgagor are assembled by the mortgagee and submitted with the application. This program is excluded from coverage under OMB Circular No. A-87.
Preapplication Coordination: None. This program is excluded from coverage under E.O. 12372.
Application Procedure: Application is submitted for review and approval or disapproval to the local HUD Field Office through a HUD-approved lending institution. This program is excluded from coverage under OMB Circular Nos. A-102 and A-110.
Award Procedure: See Application Procedure.
Range of Approval/Disapproval Time: Varies.
Appeals: HUD will state the reasons for refusing an application. The applicant may reapply subject to concurrence of the lender.
Renewals: Not applicable.
Criteria for Selecting Proposals: Not applicable.
Examples of Funded Projects: Not applicable.
Range and Average of Financial Assistance: See Uses and Use Restrictions.
Because of the small number of loans in any given year, the data is included in the number of loans insured under Section 203(b).
Federal Agency: HOUSING, DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
Type of Assistance: Guaranteed/Insured Loans.
Obligations: (Mortgages insured) Reported under program 14.133.
Budget Account Number: 86-4077-0-3-371.
Authorization: National Housing Act, as amended, Section 238(c), Public Law 93-383, 42 U.S.C. 3535(d).
Regulations, Guidelines, and Literature: "Home Mortgage Insurance," no charge; Fact Sheet "HUD-FHA Program for Home Mortgage Insurance," no charge; 24 CFR 203.1 et seq.
Regional or Local Office: Persons are encouraged to contact the Homeownership Center serving their State, or the nearest local HUD Office. See Catalog Address Appendix IV for a list of Offices.
Headquarters Office: None.
(See Appendix IV for more contact info.)
Formula and Matching Requirements: The maximum amount of the loan is the same as under Section 203(b) - program 14.117. The downpayment is the difference between the maximum loan amount and the purchase price of the home. In addition to the downpayment, the purchaser must pay for all items of prepaid expense. The mortgage insurance premium is 1/2 of 1 percent. The origination charge by the mortgagee varies, but may not exceed one percent of the total mortgage.
Length and Time Phasing of Assistance: The mortgage term may extend for 30 years, except 35 years if the mortgagor is unacceptable under a 30-year term and the property was constructed subject to HUD or VA inspection.
Uses and Use Restrictions: HUD insures lenders against loss on mortgage loans. These loans may be used to finance the purchase of proposed, under construction, or existing one - to four-family housing, as well as to refinance indebtedness on existing housing. Maximum loans for an occupant mortgagor are the same as prescribed for Section 203(b). Mortgages may be insured under any section of Title II pursuant to Section 238(c) provided the property is located in areas designated by the Secretary of Defense as military impacted areas.
Reports: Defaults in meeting the mortgage term must be reported. All approved mortgagees at any time upon request by HUD must furnish a copy of their latest financial statement.
Audits: The Department of Housing and Urban Development reserves the right to audit the account of the mortgagee to determine its compliance and conformance with HUD regulations and standards.
Records: Mortgagees are required to service and maintain records in accordance with acceptable mortgage practices of prudent lending institutions and the HUD regulations.
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Last Updated, November, 2000 Comments or Questions? ©Grant Community.com 2000, All Rights Reserved