Minimum down payments (Repealed)

The minimum downpayment required in the case of CHFA mortgage loans insured by private mortgage insurance ("PMI") shall be five (5) percent, unless approved by resolution adopted at a regular or special meeting. The minimum downpayment required in the case of CHFA mortgage loans insured by FHA or guaranteed by VA shall be such down payment, if any, required from time to time by FHA or VA. Downpayments in excess of the minimums may be required by CHFA in cases where the borrower has equity from the sale of other housing or where the loan must be reduced to a level consistent with the borrower's ability to repay the loan or where the loan must be reduced to meet the insurer's maximum.