Indiana § 24-9-4-3 Balloon payments

Indiana Statutes

§ 24-9-4-3 — Balloon payments

Indiana·Art. 9 HOME LOAN PRACTICES·Ch. 4 Additional Prohibitions for High Cost Home Loans

Notwithstanding IC 24-4.5-3-402, a high cost home loan agreement may not require a scheduled payment that is more than twice as large as the average of earlier scheduled monthly payments under the high cost home loan agreement unless the payment becomes due and payable at least one hundred twenty (120) months after the date of the high cost home loan. This prohibition does not apply if:

(1)the payment schedule is adjusted to account for the seasonal or irregular income of the borrower; or

(2)the loan is a bridge loan connected with or related to the acquisition or construction of a dwelling intended to become the borrower's principal dwelling.

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Notwithstanding IC 24-4.5-3-402, a high cost
home loan agreement may not require a scheduled payment that is
more than twice as large as the average of earlier scheduled monthly
payments under the high cost home loan agreement unless the payment
becomes due and payable at least one hundred twenty (120) months
after the date of the high cost home loan. This prohibition does not
apply if:
(1) the payment schedule is adjusted to account for the seasonal
or irregular income of the borrower; or
(2) the loan is a bridge loan connected with or related to the
acquisition or construction of a dwelling intended to become the
borrower's principal dwelling.

Indiana § 24-9-4-3 (Balloon payments) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.