SUBCHAPTER 1D ‑ SINGLE FAMILY MORTGAGE PURCHASE
PROGRAM
SECTION .0100 ‑ GENERAL INFORMATION
24 NCAC 01D .0101 OBJECTIVES
(a) One of the basic objectives of the agency is to finance
the making of mortgage loans to persons and families of lower income to be used
to enable such persons and families to purchase homes; agency has established a
financing program to achieve this objective (herein referred to as the
"single family mortgage purchase program").
(b) There are two types of agency financing activity under
the single family mortgage purchase program: first, under the forward
commitment mortgage purchase segment of the program (hereinafter referred to as
"forward commitment") the agency agrees with a lender that if the
lender will make mortgage loans to persons and families of lower income under
certain terms and conditions specified in the North Carolina Housing Finance
Agency mortgage purchase agreement, then the agency will buy such mortgage
loans from the lender; second, under the existing mortgage purchase segment of
the program (hereinafter referred to as "existing"), the agency
agrees with a lender to purchase existing mortgage loans under the terms
specified in the North Carolina Housing Finance Agency existing mortgage
purchase agreement, pursuant to which the agency reviews a lender's portfolio
of existing mortgage loans and selects certain mortgage loans which it
purchases on the condition that lender (seller) expeditiously reinvest the
proceeds of this sale in mortgage loans to persons and families of lower and
moderate income.
History Note: Filed as a Temporary Amendment Eff.
December 30, 1981, For a Period of 120 Days to Expire on April 29, 1982;
Authority G.S. 122A‑5;
Eff. May 28, 1976;
Transferred from T15: 14 Eff. December 1, 1981;
Amended Eff. April 29, 1982.