Processing credit sales on program terms (housing).

CFR · 2024-01-01 · US · Title 7

The following provisions apply to all credit sales on program terms: (a) (b) (c) (d) (e) (f) (g) (1) The property will be conveyed in accordance with § 1955.141(a) of this subpart. (2) Earnest money, if any, will be used to pay purchaser's closing costs with any balance of closing costs being paid from the purchaser's personal funds except as provided in paragraph (f) of this section. For SFH credit sales and MFH credit sales to nonprofit organizations or public bodies, any excess deposit will be refunded to the purchaser. For MFH credit sales to profit or limited profit buyers, any excess earnest money deposit will be credited to the purchase price and recognized as a part of the purchaser's initial investment. (3) The County Supervisor or District Director will provide the closing agent with the necessary information for closing the sale. The assistance of OGC will be requested to provide closing instructions in exceptional or complex cases and for all MFH sales. (h)

official document · source cfr-2024 · id 7:§ 1955.117