§ 7-49-111 — Percentage of insurance

(1) The corporation may insure:

(a) Up to one hundred percent of the unpaid principal amount of loans for the
purpose of purchasing, rehabilitating, or repairing eligible housing;

(b) Up to thirty percent of the original principal amount of refinancing loans,
if the funds in excess of those required to discharge existing mortgages are used
for rehabilitation of all dwelling units in structures refinanced and for no other
purpose; and

(c) Up to thirty percent of the original principal amount of acquisition loans, if
the insured loan together with other resources of the borrower is sufficient to
acquire the property and to complete rehabilitation in accordance with the
standards of this article. When the borrower of such an insured loan has repaid to
the lender thirty percent of the original principal balance, the loan shall cease to be
insured, and thereafter the borrower shall no longer be required to make mortgage
insurance payments to the corporation.

Legislative History

Source: L. 75: Entire article added, p. 268, � 1, effective June 29.