Adjustable Rate Mortgages (14.175)

 

Program

14.175 Adjustable Rate Mortgages

 

Federal Agency

Agency: Department of Housing and Urban Development
Office: Office Of Housing-federal Housing Commissioner

 

Authorization

national housing act.

 

Program Number

14.175

 

Last Known Status

Active

 

Objectives

To provide mortgage insurance for an adjustable rate mortgage which offers lenders more assurance of long term profitability than a fixed rate mortgage, while offering consumer protection features.

 

Types of Assistance

GUARANTEED/INSURED LOANS

 

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. The maximum insurable mortgage loan for an occupant mortgagor is the same as prescribed for Section 203(b) - program 14.117.

 

Eligibility Requirements

Applicant Eligibility

All persons intending to occupy the property are eligible to apply.

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. This program is excluded from coverage under OMB Circular No. A-87.

 

Application and Award Process

Preapplication Coordination

Preapplication coordination is not applicable. Environmental impact information is not required for this program. This program is excluded from coverage under E.O. 12372.

Application Procedure

This program is excluded from coverage under OMB Circular No. A-102. This program is excluded from coverage under OMB Circular No. A-110. 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.

Deadlines

Not Applicable.

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.

 

Assistance Considerations

Formula and Matching Requirements

This program has no statutory formula.

Matching requirements are not applicable to this program.

MOE requirements are not applicable to this program.

Length and Time Phasing of Assistance

The mortgage term may extend for 30 years. Method of awarding/releasing assistance: quarterly.

 

Post Assistance Requirements

Reports

Audits

Not Applicable.

Records

Mortgagees are required to service and maintain records in accordance with acceptable mortgage practices of prudent lending institutions and the HUD regulations.

 

Program Accomplishments

Not Applicable.

 

Financial Information

Account Identification

86-4587-0-3-371.

Obligations

(Sale, Exchange, or Donation of Property and Goods) FY 08 $0; FY 09 est $0; FY 10 est $0 - Reported under 14.117 for FY 08, FY 09, and FY 10.

Range and Average of Financial Assistance

No Data Available.

 

Regulations, Guidelines and Literature

Not Applicable.

 

Related Programs

Not Applicable.

 

Information Contacts

Regional or Local Office

None. Persons are encouraged to contact the Homeownership Center serving their State (see http://www.hud.gov/offices/hsg/sfh/hoc/hsghocs.cfm) or the nearest local HUD Office. See Catalog Address Appendix IV for a list of Offices.

Headquarters Office

Wanda L. Sampedro 451 7th Street, SW, Washington, District of Columbia 20410 Email: wanda.sampedro@hud.gov Phone: 2024022324

Web Site Address

http://www.hud.gov/offices/hsg/sfh/ins/singlefamily.cfm.

 

Examples of Funded Projects

Not Applicable.

 

Criteria for Selecting Proposals

Not Applicable.