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Code of Federal Regulations Title 24. Housing and Urban Development § 24.291.545 Financing purchase of the home

Current as of October 02, 2022 | Updated by FindLaw Staff

(a) Purchase using conventional financing. If the law enforcement officer, teacher, or firefighter/emergency medical technician uses conventional financing to purchase a home under the GNND Sales Program, the amount of the mortgage may not exceed the discounted sales price of the home.

(b) Purchase with FHA–insured mortgage.

(1) A law enforcement officer, teacher, or firefighter/emergency medical technician using an FHA–insured mortgage to finance purchase of the home may finance reasonable and customary closing costs with the FHA–insured mortgage.

(2) The amount of the FHA–insured mortgage may not exceed the discounted sales price of the home plus:

(i) The closing costs;  and

(ii) The costs of rehabilitating and/or improving the home, where purchase of the home is being financed with an FHA–insured 203(k) rehabilitation loan (see 24 CFR part 203).

(c) Closing costs and selling broker's commissions. In no event will HUD pay a buyer's closing costs on the purchase of a property or a selling broker's commission through the GNND Sales Program.

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Cite this article: FindLaw.com - Code of Federal Regulations Title 24. Housing and Urban Development § 24.291.545 Financing purchase of the home - last updated October 02, 2022 | https://codes.findlaw.com/cfr/title-24-housing-and-urban-development/cfr-sect-24-291-545/

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