Cal. Health & Saf. Code § 50058.5
Current through the 2023 Legislative Session.
"Buy-down mortgage plan" is a program by which the effective interest cost to the purchaser of a real property is reduced below market rates through supplemental payments by the agency to a qualified mortgage lender in return for which the agency shall obtain from the purchaser an interest-bearing note secured by a subordinated mortgage on the property which is purchased.
Ca. Health and Saf. Code § 50058.5