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| Eligible Mortgage | 200.15 – 200.18 | |||||||||||||
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36 FR 24467, Dec. 22, 1971, unless otherwise noted.
61 FR 14399, Apr. 1, 1996, unless otherwise noted.
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Subscribe to: 24 CFR Part 200 Subpart A - Eligible Mortgage
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Nomenclature changes to part 200 appear at 69 FR 18803, Apr. 9, 2004.
Mortgages must not exceed either the statutory dollar amount or loan ratio limitations established by the section of the Act under which the mortgage is insured, except that the Commissioner may increase the dollar amount limitations:
(a) By not to exceed 170 percent, in any geographical area, in which the Commissioner finds that cost levels so require; and
(b) By not to exceed 170 percent, or 215 percent in high-cost areas, where the Commissioner determines it necessary on a project-by-project basis.
[73 FR 17239, Mar. 31, 2008]
The principal amount computed in accordance with the applicable section of the Act for the insured mortgage shall be subject to additional adjustments and reductions in accordance with terms and conditions established by the Commissioner.
The mortgage shall cover the entire property included in the project.
A mortgagee may not require that the mortgage exceed a minimum amount established by the mortgagee, as a condition of providing a loan secured by a mortgage insured under this part.