Mortgage Insurance_Growing Equity Mortgages
To provide a rapid principal reduction and shorter mortgage term by increasing payments over a 10-year period, thereby expanding housing opportunities to the homebuying public.
General information about this opportunity
Last Known Status
Deleted 04/02/2020 (Archived.)
Agency: Department of Housing and Urban Development
Office: Office of Housing-Federal Housing Commissioner
Type(s) of Assistance Offered
National Housing Act.
Who is eligible to apply/benefit from this assistance?
All persons intending to occupy the property are eligible to apply.
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.
What is the process for applying and being award this assistance?
Preapplication coordination is not applicable. Environmental impact information is not required for this program. This program is excluded from coverage under E.O. 12372.
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 a HUD- approved mortgagee lending institution.
See Application Procedure.
Approval/Disapproval Decision Time
The lender will state the reasons for refusing an application. The applicant may reapply to another lender.
How are proposals selected?
How may assistance be used?
HUD insures lenders against loss on mortgage loans. These loans may be used to finance the purchase of proposed, under construction, or existing single family housing, as well as to refinance indebtedness on existing housing, provided certain conditions are met. The maximum insurable mortgage loan for an occupant mortgagor is the same as prescribed for Section 203(b) - Program 14.117.
What are the requirements after being awarded this opportunity?
Mortgagees are required to service and maintain records in accordance with acceptable mortgage practices of prudent lending instructions and the HUD regulations.
Other 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 terms vary according to the plan chosen. Method of awarding/releasing assistance: quarterly.
Who do I contact about this opportunity?
Regional or Local Office
None. Persons are encouraged to contact the Homeownership Center (see
http://www.hud.gov/offices/hsg/sfh/hoc/hsghocs.cfm) serving their State,
or the nearest local HUD Office. See Catalog Address Appendix IV for a
list of Offices.
Wanda L. Sampedro 451 7th Street, SW, Washington, District of Columbia 20410 Email: firstname.lastname@example.org
Phone: (800) 225-5342.
(Guaranteed/Insured Loans) FY 13 Not Separately Identifiable(Exp: Reported under 14.117); FY 14 Not Separately Identifiable(Exp: Reported under 14.117); and FY 15 Not Separately Identifiable(Exp: Reported under 14.117) - Reported Under 14.117.
Range and Average of Financial Assistance
No Data Available.
Regulations, Guidelines and Literature
Examples of Funded Projects