La. Admin. Code tit. 16 § I-351

Current through Register Vol. 50, No. 11, November 20, 2024

Section I-351 - Insured Mortgage Loans for Housing Units

A. An application by an individual or family for an insured mortgage loan, to be made with the assistance of agency moneys, for the long-term financing of a housing unit to be purchased by the individual or family, shall include information, and where required by the agency, supporting materials and evidence, with respect to the status of the applicant as an eligible applicant and to the housing unit proposed to be purchased.

B. An application for such an insured mortgage loan shall be processed by a lending institution and the lending institution's analysis of such application shall be presented to the agency.

C. The executive director or his delegate shall review each such analysis and, if he determines that the applicant is an eligible applicant and that the application meets the requirements of the act and these rules and is consistent with the agency's evaluation factors as to the housing unit to be purchased, he may purchase the insured mortgage loan pursuant to the mortgage purchase commitment to the applicant's lending institution with respect to the housing unit proposed to be purchased.

La. Admin. Code tit. 16, § I-351

Promulgated by the Department of Urban and Community Affairs, Housing Finance agency, LR 7:198 (April 1981).

AUTHORITY NOTE: Promulgated in accordance with R.S. 40:600.1 et seq.