Minimum standards for transactions secured by a dwelling.

CFR · 2024-01-01 · US · Title 12

(a) (1) A home equity line of credit subject to § 1026.40; (2) A mortgage transaction secured by a consumer's interest in a timeshare plan, as defined in 11 U.S.C. 101(53(D)); or (3) For purposes of paragraphs (c) through (f) of this section: (i) A reverse mortgage subject to § 1026.33; (ii) A temporary or “bridge” loan with a term of 12 months or less, such as a loan to finance the purchase of a new dwelling where the consumer plans to sell a current dwelling within 12 months or a loan to finance the initial construction of a dwelling; (iii) A construction phase of 12 months or less of a construction-to-permanent loan; (iv) An extension of credit made pursuant to a program administered by a Housing Finance Agency, as defined under 24 CFR 266.5; (v) An extension of credit made by: (A) A creditor designated as a Community Development Financial Institution, as defined under 12 CFR 1805.104(h); (B) A creditor designated as a Downpayment Assistance through Secondary Financing Provider, pursuant to 24 CFR 200.194(a), operating in accordance with regulations prescribed by the U.S. Department of Housing and Urban Development applicable to such persons; (C) A creditor designated as a Community Housing Development Organization provided that the creditor has entered into a commitment with a participating jurisdiction and is undertaking a project under the HOME program, pursuant to the provisions of 24 CFR 92.300(a), and as the terms community housing development organization, commitmen

official document · source cfr-2024 · id 12:§ 1026.43