|
89•t8 Federal Register / Vol. 54. No. 40
<br /> / Thursday, March 2 2989 / Rules and Regulations
<br /> Section at+wi(d)Increased mart
<br /> interest i costs.The)Increase in gage new mortgage(842,010.10).the buydown comparable',but cannot a
<br /> f terest d]set forth rhe cin factors to be shall be prorated accordingly.If the c•
<br /> u1r,e the
<br /> used 0 computingactual mortgage obtained in our aPrppepri for the adjusted price,it la
<br /> be required uceepayment person that will example were 835.000,the buydnwn ougln vista to increase the replacemec
<br /> replacement mortgage(added to the payment would be$7,706 57($35,000 housing payment to the actual porches,
<br /> downpayment)to an amount which can S7 708 010.18 =be St?,Z50,13 X .� amount.
<br /> be amortized at the same monthly The Agency is obligated to inform the °mat ResSection at Replacement Housing
<br /> payment for principal and interest over person of the approximate amount of
<br /> the same period of time as the remaining this payment and that he or she must
<br /> term on the displacement mortgages, obtain a mortgage of at least the same Section 29. dispJ cadBas. rightsof
<br /> This).uncut is commonly known as obtain a' ke old mortgagePersons to be of aced.This paragrapl.
<br /> the"buydown." homed the right and for at of 180-day
<br /> The remainingleast the same term in order to receive homeowner-occupant.who is eligible for
<br /> principal balance,the the full amount of this payment.The a replacement housinga
<br /> interest rate,and monthly principal and d:s !ecce is also to be advised of the payment under
<br /> interest aPf 24has to a m arableopportunity
<br /> P payments for the old mortgage interest rate and points used to calculate
<br /> dwelling.
<br /> a comparable shouldn
<br /> as well as the interest rate,points and the payment,ter
<br /> as for the new mortgage must be However.it be read in
<br /> known to compute the increased
<br /> Section 24402 Replacement
<br /> conjunction with the definition of
<br /> mortgage Interest coats.If the Paymentfor&0-Day cu �Housing owner of a dwell 2(pl•The
<br /> r combination of interest and points for The downpayment assistance persons owningat
<br /> Agency is not required to provide
<br /> , fi
<br /> 1 the new mortgage exceeds the current
<br /> provisions in i t a ce to]are Intended to Interest ithe required
<br /> dispaca fractional
<br /> eme dwelling a
<br /> i prevailing fixed interest rate and pointe limit such assistance to the amount of greater level of assistance to
<br /> for conventional mortgages and there iscomputed rental assistance paymentreplacement dwellingpurchase a
<br /> e such
<br /> na justification for the excessive rate, P
<br /> for a tenant or an eligible homeowner.It would be re than the Agency
<br /> then the current prevailing fixed interea� does,however,provide the latitude for Persons if they ed fee s�rmple title to
<br /> rate and point:shall be used in the Agency discretion in off
<br /> ering computations.justificative may downpayment the displacement dwelling.toIf buysuck
<br /> unavailability of the Y be the P yment assistance which exceeds assistance is not sufficient a
<br /> ti ty current prevailing the computed rental assistance replacement dwelWrg,the
<br /> -i rate due to the amount of the new payment,up to the statutory85.230Agency
<br /> j mOrtB •credit difficulties,or other maximum.Thu does provide additional purchase assistance
<br /> ': similar reasons. however,that such not mean. or rental assistance•
<br /> ti
<br /> a may be exercised� segency discretion Section 2[.40!(c) Methods of
<br /> ic
<br /> discriminatory fashion.The displacing ective or burrs roviding c use o co replacement
<br /> ' Old Mortgageagency should develop �& �a use of oast effective means
<br /> Rema Prindpel���_ a olds equal treatment t forpolicy persons wh chii housing of parable replacement
<br /> Monthly Payment Bala Ce-- S511" like circumstances and this you The plied throughout the
<br /> end tatevast) 45822 should be applied uniform! throughoutsubpart: term lreasoeable coat"is
<br /> New Mortgage
<br /> rata(percent],,,.,._._... 7 the Agency's Programs or projects,ftis
<br /> used here to underline the fact that
<br /> 0. Interest ata(percent) recommended that diapladag agencies while roenco meansraged to provide
<br /> pb�V )_ .,, to coordinate with each other to reach a housing am encouraged they should be
<br /> Term{years)„__,_•_ 3 consensus on a uniform procure f� cost-effectfve
<br /> is the State and/or the local jurisdiction, Section 24.404(0(2)c](2)permits the use of
<br /> For purposes of this section.the term h38t resort housing.in special cases,
<br /> Remaining term of the old mortgage is ordinarilyant means the downpayment
<br /> which may involve variations from the
<br /> •
<br /> downpaymdetermined to be 174 months, required to obtain usual methods of obtaining
<br /> Determining,or computing,the actual decentconven,
<br /> loan financing for the camPmy .tHowever,it should be
<br /> remaining term is more reliable than decent,safe,and sanitary dwelling specially noted that such variation
<br /> using inhe datais more
<br /> supplied by the actually purchased and occupied should never result in a lowering of
<br /> mortgagee).Howeper,if it is shorter,use However.If the downpayment hour standards nor
<br /> mthe term of the new mortgagerequired of a displaced parson actuallyeresultina lower quality of living it ever
<br /> and P for the vias style
<br /> compute the needed monthly pa ment purchase of the replacement dwelling for the displaced person.The physical
<br /> ntain exceeds the amount ordinarily required
<br /> Amount to be financed to mai characteristics of the comparable
<br /> monthly
<br /> on.
<br /> S42.010.18
<br /> determines
<br /> of.458 22 at 109L� the amount which the amount of the downpayment may be cy replacement those ofpthe displacement dwellingdissimilar
<br /> determines is necessary. but they may never be inferior-
<br /> SSp,Opq pp Section 24.403 Additional One example might be the use of a
<br /> increased mortgagetele )Governing Replacement Housing new mobile home to replace a very
<br /> Interest
<br /> Payments
<br /> substandard conventional dwelling in
<br /> 3 G0'a-- an area where comparable conventional
<br /> points po842.010.80.—...--.. f ec i n 24.'�(n)(lj The procedure dwellings are not available.
<br /> Total bnydown necessary, for adjusting
<br /> replacement ew ce of Another example could be the use of a
<br /> tt maintain payments requires that thea agency gs sar.but smaller decent.safe and
<br /> at gain/month pa m sT 925013 advisory h assistance e n ythe provide sanitary dwelto ling ding i geplace a large,oold
<br /> person concerningsubstandard dwelling.salt'a portion of
<br /> negotiations so that which is being used as living
<br /> if the am,,mortgageyhe or she may enter the market asee quarters by
<br /> is tees than the obtained knowledgeable buyer,If a displacedcomparable°�panband no other
<br /> or a parson efect,to buy one of the selected dwellings are available In
<br /> ae,ea.
<br /> s
<br /> $
<br />
|