Ownership requirements.

CFR · 2024-01-01 · US · Title 7

The applicant must have an acceptable ownership interest in the property as evidenced by one of the following: (a) (b) (c) (d) (1) In the case of unsecured loans or grants, if any co-owners living or planning to live in the dwelling sign the repayment agreement. (2) In the case of a secured loan, when one or more of the co-owners are not legally competent (and there is no representative who can legally consent to the mortgage), cannot be located, or the ownership interests are divided among so large a number of co-owners that it is not practical for all of their interests to be mortgaged, their interests not exceeding 50 percent may be excluded from the security requirements. In such cases, the loan may not exceed the value of the property interests owned by the persons executing the mortgage. (e) (f) (g) (1) Records of the local taxing authority that show the applicant as owner and that demonstrate that real estate taxes for the property are paid by the applicant. (2) Affidavits by others in the community stating that the applicant has occupied the property as the apparent owner for a period of not less than 10 years, and is generally believed to be the owner. (3) Any instrument, whether or not recorded, which is commonly accepted as evidence of ownership.

official document · source cfr-2024 · id 7:§ 3550.107