Section 3555.102 - Loan restrictionsA guarantee will not be issued if loan funds are to be used for:
(a)Existing manufactured homes. Purchase of an existing manufactured home, except as provided in § 3555.208(b)(3) ;(b)Income producing land or buildings. Purchase or improvement of land or buildings that are typically used principally for income-producing purposes;(c)Business or income-producing enterprise. Purchase or the construction of buildings which are largely or in part specifically designed to accommodate a business or income-producing enterprise;(d)Loan discount points. Loan discount points, except as provided in § 3555.101(b)(6)(vi) ;(e)Refinancing. Refinancing, except as provided in § 3555.101(d) ;(f)Buydown. Establishing a buydown account;(g)Lease. Payments on a lease; or(h)Seller concessions. Purchasing a home if the seller, or other interested third party, contributes more than 6 percent, unless otherwise provided by the Agency, of the property's sales price toward the purchaser's mortgage financing costs, closing costs, escrow accounts, furniture or other giveaways.