Chapter 1 - HOME MORTGAGE PROGRAM RULE

  1. § 346-1-1 - Definitions
  2. § 346-1-2 - Income
  3. § 346-1-3 - Acquisition Cost
  4. § 346-1-4 - Eligible Residence
  5. § 346-1-5 - Land
  6. § 346-1-6 - Prior Ownership
  7. § 346-1-7 - New Mortgage
  8. § 346-1-8 - Targeted Areas
  9. § 346-1-9 - Recapture
  10. § 346-1-10 - Net Worth Limits
  11. § 346-1-11 - Underwriting Standards
  12. § 346-1-12 - Loan Document Requirements
  13. § 346-1-13 - Mobile Homes
  14. § 346-1-14 - Insurance
  15. § 346-1-15 - Mortgage Loan Portfolio Diversification
  16. § 346-1-16 - Down Payment/Closing Cost Assistance
  17. § 346-1-17 - Lenders
  18. § 346-1-18 - Loan Servicing
  19. § 346-1-19 - Sources Other Than Bond Proceeds
  20. § 346-1-20 - Rule Limitations

Summary: The Maine State Housing Authority is authorized to use revenues from the sale of tax-exempt bonds and other housing monies to reduce interest rates and other costs associated with the purchase of a home by low and moderate income households. This rule sets forth the basic criteria for determining eligible borrowers and the terms governing the Maine State Housing Authority's purchase and servicing of loans to eligible borrowers generated by participating lenders. The Maine State Housing Authority also publishes and regularly updates a procedural guide for participating lenders. The procedural guide includes specific instructions, guidelines, terms and conditions for the sale of single family mortgage loans to the Maine State Housing Authority and the servicing of the loans. The Maine State Housing Authority also enters into agreements with lenders regarding the sale and servicing of the single family mortgage loans.

Notes

EFFECTIVE DATE:
January 2 1980 - filing 79-590 as "Single-Family Program Basic Eligibility Criteria"
AMENDED:
March 23, 1980 - filing 80-87
April 23, 1980 - filing 80-130
REPEALED AND REPLACED:
May 4, 1982 - filing 82-83 as "Home Mortgage Program Rule"
AMENDED:
May 4, 1982 - filing 82-156 (EMERGENCY)
August 26, 1982 - filing 82-187 (EMERGENCY)
October 10, 1982 - filing 82-204
October 27, 1982 - filing 82-220
November 17, 1982 - filing 82-205
February 4, 1983 - filing 83-31 (EMERGENCY)
April 26, 1983 - filing 83-131
July 6, 1983 - filing 83-174
June 26, 1985 - filing 85-115 (EMERGENCY)
October 2, 1985 - filing 85-347 (EMERGENCY)
November 21, 1985 - filing 85-471
December 28, 1985 - filing 85-490
April 1, 1986 - filing 86-96
June 17, 1986 - 86-219
August 29, 1987 - filing 87-308
September 28, 1988 - filing 88-342
June 5, 1994 - filing 94-227
REPEALED AND REPLACED:
December 29, 1996 - filing 96-588
AMENDED:
January 18, 2000 - filing 2000-37
January 2, 2005 - filing 2004-601
REPEALED AND REPLACED:
5/9/2018- filing 2018- 077

STATUTORY AUTHORITY: 30-A M.R.S.A. §4741.1

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