Page:United States Statutes at Large Volume 88 Part 1.djvu/726

 682

^^^ysc 1801

et seq

PUBLIC LAW 93-383-AUG. 22, 1974

[88 STAT.

" (B) have a maturity not exceeding fifteen years and thirtytwo days (twenty years and thirty-two days in the case of a mobile home composed of two or more modules). "A loan financing the purchase of a mobile home and a suitably developed lot on which to place the home shall— " (A) involve an amount not exceeding (i) the maximum amount under clause (1) of the first paragraph of this subsection, and (ii) such amount not to exceed $7,500 as may be necessary to cover the cost of purchasing the lot; and " (B) have a maturity not exceeding fifteen years and thirtytwo days (twenty years and thirty-two days in the case of a mobile home composed of two or more modules). "A loan financing the purchase, by an owner of a mobile home which is the principal residence of that owner, of only a. lot on which to place that mobile home shall— " (A) involve such an amount as may be necessary to cover the cost of purchasing the lot but not exceeding (i) $5,000 in the case of an undeveloped lot, or (ii) $7,500 in the case of a developed lot; and " (B) have a maturity not exceeding ten years and thirty-two days. A mobile home lot loan may be made only if the owner certifies that he will place his mobile home on the lot acquired with such loan within six months after the date of such loan." (e) The last sentence of section 3(a) of the Act entitled "An Act to amend chapter 37 of title 38 of the United States Code with respect to the veterans' home loan program, to amend the National Housing xVct with respect to interest rates on insured mortgages, and for other purposes," approved May 7, 1968, as amended (12 U.S.C. 1709-1), is amended by striking out ", and which represent loans and advances of credit made for the purpose of financing purchases of mobile homes,". D O W N P A Y M E N T REQUIREMENTS FOR REGULAR E H A O N E - TO F O U R - F A M I L Y MORTGAGES

12 USC 1709.

12 USC 1715k.

12 USC 1715m.

SEC. 310. (a) The first and second sentences of section 203(b)(2) of fi^Q National Housing Act are each amended— (1) by striking out "$15,000" in clause (i) and inserting in lieu thereof "$25,000"; (2) by striking out "$15,000" and "$25,000" in clause (ii) and inserting in lieu thereof "$25,000" and "$35,000", respectively; and (3) by striking out "$25,000" in clause (iii) and inserting in lieu thereof "$35,000". (b) Section 220(d)(3)(A)(i) of such Act is amended by— (1) by striking out "$15,000" in each clause numbered (1) and inserting in lieu thereof "$25,000"; (2) by striking out "$15,000" and "$25,000" in each clause numbered (2) and inserting in lieu thereof "$25,000" and "$35,000", respectively; and (3) by striking out "$25,000" in each clause numbered (3) and inserting in lieu thereof "$35,000". (c) Section 222(b)(3) of such Act is amended to read as follows: "(3) have a principal obligation not in excess of the sum of (i) 97 per centum of $25,000 of the appraised value of the property as of the date the mortgage is accepted for insurance, (ii) 90 per centum of such value in excess of $25,000 but not in excess of $35,000, and (iii) 80 per centum of such value in excess of $35,000; and".

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