[Code of Federal Regulations]

[Title 24, Volume 2]

[Revised as of April 1, 2005]

From the U.S. Government Printing Office via GPO Access

[CITE: 24CFR203.26]



[Page 159]

 

                 TITLE 24--HOUSING AND URBAN DEVELOPMENT

 

 CHAPTER II--OFFICE OF ASSISTANT SECRETARY FOR HOUSING--FEDERAL HOUSING 

        COMMISSIONER, DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

 

PART 203_SINGLE FAMILY MORTGAGE INSURANCE--Table of Contents

 

     Subpart A_Eligibility Requirements and Underwriting Procedures

 

Sec.  203.26  Mortgagor's payments when mortgage is executed.



    (a) The mortgagor must pay to the mortgagee, upon execution of the 

mortgage, a sum that will be sufficient to pay the ground rents, if any, 

the estimated taxes, special assessments, flood insurance premiums, if 

required, and fire and other hazard insurance premiums for the period 

beginning on the last date on which each such charge would have been 

paid under the normal lending practices of the lender and local custom 

(if each such date constitutes prudent lending practice), and ending on 

the due date of the first full installment payment under the mortgage, 

plus an amount sufficient to pay the mortgage insurance premium from the 

date of closing the loan to the date of the first monthly payment under 

the mortgage or, where applicable, the one-time mortgage insurance 

premium payable pursuant to Sec.  203.280.

    (b) The mortgagee may also collect from the mortgagor a sum not 

exceeding one-sixth of the estimated total amount of such taxes, special 

assessments, insurance premiums and other charges to be paid during the 

ensuing 12-month period.



[41 FR 49734, Nov. 10, 1976, as amended at 48 FR 28804, June 23, 1983]