Page:United States Statutes at Large Volume 52.djvu/52

 75TH CONG., 3D SESS.-CH. 13 -FEB. 3, 1938 after January 1, 1937, and prior to the date of enactment of the National Housing Act Amendments of 1938, and which has not been sold or occupied since completion: Pro- Provio. vided, That with respect to mortgages insured under this owner and paragraph the mortgagor shall be the owner and occupant remqntdo. of the property at the time of the insurance and shall have paid on account of the property at least 10 per centum of the appraised value in cash or its equivalent, or "(C) not to exceed $8,600, and not to exceed the sum of Mortgag (i) 90 per centum of $6,000 of the appraised value (as of the date the mortgage is accepted for insurance) and (ii) 80 per centum of such value in excess of $6,000 and not in excess of $10,000, of a property of the character described in paragraph (2) (B) of this subsection and subject to the same limitations and conditions which apply to such property. "(3) Have a maturity satisfactory to the Administrator, but tioaturit not to exceed twenty years from the date of the insurance of the mortgage: Provided, That until July 1, 1939, a mortgage of the io°oa character described in paragraph (2) (B) of this subsection dences. shall be eligible for insurance under this section if it has a ma- turity satisfactory to the Administrator, but not to exceed twenty-five years from the date of the insurance of the mortgage. "(4) Contain complete amortization provisions satisfactory sions.rtiz to the Administrator requiring periodic payments by the mort- gagor not in excess of his reasonable ability to pay as determined by the Administrator. "(5) Bear interest (exclusive of premium charges for insur- Interest. ance) at not to exceed 5 per centum per annum on the amount of the principal obligation outstanding at any time, or not to exceed 6 per centum per annum if the Administrator finds that in certain areas or under special circumstances the mortgage market demands it. "(6) Provide, in a manner satisfactory to the Administrator, Provisior for the application of the mortgagor's periodic payments (exclu- ments top sive of the amount allocated to interest and to the premium of princip charge which is required for mortgage insurance as hereinafter provided) to amortization of the principal of the mortgage. "(7) Contain such terms and provisions with respect to insur- Terms a ance, repairs, alterations, payment of taxes, default reserves, insuranoe,r delinquency charges, foreclosure proceedings, anticipation of maturity, additional and secondary liens, and other matters as the Administrator may in his discretion prescribe. "(c) The Administrator is authorized to fix a premium charge for Premium the insurance of mortgages under this title but in the case of any gagsa e mortgage such charge shall not be less than an amount equivalent to one-half of 1 per centum per annum nor more than an amount equivalent to 1 per centum per annum of the amount of the principal obligation of the mortgage outstanding at any time, without taking into account delinquent payments or prepayments: Provided, That Poov- . a premium charge so fixed and computed shall also be applicable to to priorgmo each mortgage insured prior to the date of enactment of the National Housing Act Amendments of 1938 in lieu of any premium charge which would otherwise become due after such date with respect to such mortgage: Provided further, That in the case of any mortgage Single-fan described in section 203 (b) (2) (B) and accepted for insurance afterna"s; caigl such date and prior to July 1, 1939, the premium charge shall be one- fourth of 1 per centum per annum on such outstanding principal igor to be Ioccupant; f payment es within brackets. ty; limita- imily resl- ition provi- isfor appi- riodie pay- nortizatlon and provi- respect to epairs, etc. charge for of mort- applicable rtgages. iily dwell- 0. 11 52 STAT.]

�