Mortgage Insurance-Homes-Military Impacted Areas (14.165)

 

Program

14.165 Mortgage Insurance-Homes-Military Impacted Areas

 

Federal Agency

HOUSING, DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

 

Authorization

National Housing Act, as amended, Section 238(c), Public Law 93-383, 42 U.S.C. 3535(d).

 

Program Number

14.165

 

Last Known Status

Deleted 08/20/2009 (Not Specified.)

 

Objectives

To help families undertake home ownership in military impacted areas.

 

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. Maximum loans for an occupant mortgagor are the same as prescribed for Section 203(b). Mortgages may be insured under any section of Title II pursuant to Section 238(c) provided the property is located in areas designated by the Secretary of Defense as military impacted areas.

 

Eligibility Requirements

Applicant Eligibility

All families intending to occupy the property are eligible to apply. The requirements will vary with the Section under which the loan is insured. Section 203(b) requirements are outlined below.

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.

 

Application and Award Process

Preapplication Coordination

None. This program is excluded from coverage under E.O. 12372.

Application Procedure

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

None.

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

The maximum amount of the loan is the same as under Section 203(b) - program 14.117. The downpayment is the difference between the maximum loan amount and the purchase price of the home. In addition to the downpayment, the purchaser must pay for all items of prepaid expense. The mortgage insurance premium is 1/2 of 1 percent. The origination charge by the mortgagee varies, but may not exceed one percent of the total mortgage.

Length and Time Phasing of Assistance

The mortgage term may extend for 30 years, except 35 years if the mortgagor is unacceptable under a 30-year term and the property was constructed subject to HUD or VA inspection.

 

Post Assistance Requirements

Reports

Defaults in meeting the mortgage term must be reported. All approved mortgagees at any time upon request by HUD must furnish a copy of their latest financial statement.

Audits

The Department of Housing and Urban Development reserves the right to audit the account of the mortgagee to determine its compliance and conformance with HUD regulations and standards.

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

Because of the small number of loans in any given year, the data is included in the number of loans insured under Section 203(b).

 

Financial Information

Account Identification

86-4077-0-3-371.

Obligations

(Mortgages insured) Reported under program 14.133.

Range and Average of Financial Assistance

See Uses and Use Restrictions.

 

Regulations, Guidelines and Literature

"Home Mortgage Insurance," no charge; Fact Sheet "HUD-FHA Program for Home Mortgage Insurance," no charge; 24 CFR 203.1 et seq.

 

Related Programs

14.117, Mortgage Insurance_Homes; 14.119, Mortgage Insurance_Homes for Disaster Victims; 14.121, Mortgage Insurance_Homes in Outlying Areas; 14.122, Mortgage Insurance_Homes in Urban Renewal Areas.

 

Information Contacts

Regional or Local Office

Persons are encouraged to contact the Homeownership Center serving their State, or the nearest local HUD Office. See Catalog Address Appendix IV for a list of Offices.

Headquarters Office

None.

Web Site Address

http://www.hud.gov80/progdesc/snglindx.cfm

 

Examples of Funded Projects

Not applicable.

 

Criteria for Selecting Proposals

Not applicable.