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.
STATUTORY AUTHORITY: 30-A M.R.S.A. §4741.1
