Code of Maine Rules
99 - INDEPENDENT AGENCIES
346 - MAINE STATE HOUSING AUTHORITY
Chapter 1 - HOME MORTGAGE PROGRAM RULE
- Section 346-1-1 - Definitions
- Section 346-1-2 - Income
- Section 346-1-3 - Acquisition Cost
- Section 346-1-4 - Eligible Residence
- Section 346-1-5 - Land
- Section 346-1-6 - Prior Ownership
- Section 346-1-7 - New Mortgage
- Section 346-1-8 - Targeted Areas
- Section 346-1-9 - Recapture
- Section 346-1-10 - Net Worth Limits
- Section 346-1-11 - Underwriting Standards
- Section 346-1-12 - Loan Document Requirements
- Section 346-1-13 - Mobile Homes
- Section 346-1-14 - Insurance
- Section 346-1-15 - Mortgage Loan Portfolio Diversification
- Section 346-1-16 - Down Payment/Closing Cost Assistance
- Section 346-1-17 - Lenders
- Section 346-1-18 - Loan Servicing
- Section 346-1-19 - Sources Other Than Bond Proceeds
- Section 346-1-20 - Rule Limitations
Summary: The Maine State Housing Authority is authorized to use revenues from the sale of tax-exempt bonds and other housing monies to reduce interest rates and other costs associated with the purchase of a home by low and moderate income households. This rule sets forth the basic criteria for determining eligible borrowers and the terms governing the Maine State Housing Authority's purchase and servicing of loans to eligible borrowers generated by participating lenders. The Maine State Housing Authority also publishes and regularly updates a procedural guide for participating lenders. The procedural guide includes specific instructions, guidelines, terms and conditions for the sale of single family mortgage loans to the Maine State Housing Authority and the servicing of the loans. The Maine State Housing Authority also enters into agreements with lenders regarding the sale and servicing of the single family mortgage loans.
EFFECTIVE
DATE:
January 2 1980 - filing 79-590 as "Single-Family
Program Basic Eligibility Criteria"
AMENDED:
March 23, 1980 - filing 80-87
April 23,
1980 - filing 80-130
REPEALED AND REPLACED:
May 4, 1982 - filing 82-83 as "Home Mortgage Program Rule"
AMENDED:
May 4, 1982 - filing 82-156
(EMERGENCY)
August 26, 1982 - filing 82-187 (EMERGENCY)
October 10, 1982 - filing 82-204
October
27, 1982 - filing 82-220
November 17, 1982 - filing 82-205
February 4, 1983 - filing 83-31 (EMERGENCY)
April 26, 1983 - filing 83-131
July 6,
1983 - filing 83-174
June 26, 1985 - filing 85-115
(EMERGENCY)
October 2, 1985 - filing 85-347 (EMERGENCY)
November 21, 1985 - filing 85-471
December 28, 1985 - filing 85-490
April 1, 1986 - filing
86-96
June 17, 1986 - 86-219
August 29,
1987 - filing 87-308
September 28, 1988 - filing 88-342
June 5, 1994 - filing 94-227
REPEALED AND
REPLACED:
December 29, 1996 - filing 96-588
AMENDED:
January 18, 2000 - filing
2000-37
January 2, 2005 - filing 2004-601
REPEALED AND REPLACED:
5/9/2018-
filing
2018- 077
STATUTORY AUTHORITY: 30-A M.R.S.A. §4741.1
