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.

Deleted 04/02/2020 (Archived.) 14.172 Agency: Department of Housing and Urban Development
Office: Office of Housing-Federal Housing Commissioner GUARANTEED/INSURED LOANS Not Applicable. National Housing Act. All persons intending to occupy the property are eligible to apply. Individuals/families. 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. 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. Not Applicable. Varies. The lender will state the reasons for refusing an application. The applicant may reapply to another lender. Not Applicable. Not Applicable. 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. Not Applicable. Not Applicable. Mortgagees are required to service and maintain records in accordance with acceptable mortgage practices of prudent lending instructions and the HUD regulations. This program has no statutory formula.
Matching requirements are not applicable to this program.
MOE requirements are not applicable to this program. The mortgage terms vary according to the plan chosen. Method of awarding/releasing assistance: quarterly. 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: answers@hud.gov Phone: (800) 225-5342. http://portal.hud.gov/hudportal/HUD?src=/programdescription/245a 86-4587-0-3-371. (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. No Data Available. Not Applicable. Not Applicable.