CHAPTER 2. Buy-Down Mortgage Plan
Chapter 2 added by Stats. 1982, Ch. 320, Sec. 12.
§§ 52510–52519 · 12 sections
- § 52510 The agency may contract with qualified mortgage lenders with respect to mortgage loans qualified under this part to pay to such lenders, subject to the…
- § 52511 The agency may make commitments to qualified mortgage lenders to make contracts for buy-down mortgage plans which conform to this part. The agency may require…
- § 52512 The mortgage loan by a qualified mortgage lender for which a buy-down contract may be executed by the agency shall be in such form as determined by the…
- § 52513 The terms of the contract with a qualified mortgage lender for the buy-down mortgage plan shall be established by regulations of the agency adopted by the…
- § 52513.5 (a) If: (1) a loan executed pursuant to Section 52512 is for a term of less than 30 years or provides for a balloon payment; (2) the loan has not been prepaid…
- § 52514 In consideration for the agency’s contract, and performance of contract, to purchase a buy-down of the effective interest to the borrower on the mortgage loan,…
- § 52514.5 All payments to the agency by the borrower on any note executed pursuant to Section 52514 shall be considered payments of interest for the purposes of Section…
- § 52515 The real property to be purchased by the borrower on a mortgage loan pursuant to this part shall be an owner-occupied housing unit, the acquisition price of…
- § 52516 The agency shall establish by regulation, adopted by the policy committee, standards for the eligibility of purchasers of housing subject to this part. Such…
- § 52517 Notwithstanding any other provisions of this part, only mortgage loans are eligible for buy-down under the provisions of this part which are presently, or are…
- § 52518 Notwithstanding the provisions of Section 711 of the Civil Code, the agency shall not permit the assumption of the obligation under any note or mortgage…
- § 52519 The agency may renegotiate, refinance, foreclose, or contract for the foreclosure of any mortgage executed pursuant to Section 52514 which is in default, and…