16.38  Limitation on loans.

1.  The borrower must occupy the property as the borrower's primary residence.

2.  Only individuals who meet the principal requirements for an original mortgagor are eligible to assume a mortgage loan issued under this chapter.

3.  Any sale of a residence securing a mortgage loan financed by the authority, either directly or indirectly, must be reported to the authority by the borrower.

Section History: Early form

  [C81, § 220.38; 81 Acts, ch 76, § 5]

Section History: Recent form

  84 Acts, ch 1219, § 10

  C93, § 16.38

Previous Section 16.37

Next Section 16.39

Return To Home index

© 2003 Cornell College and League of Women Voters of Iowa

Comments about this site or page? webmaster@legis.iowa.gov.
Please remember that the person listed above does not vote on bills. Direct all comments concerning legislation to State Legislators.

Last update: Tue Jan 28 13:52:42 CST 2003
URL: /DOCS/IACODE/2003/16/38.html
jhf