FHA-insured and VA-guaranteed mortgage loans (Repealed)

CHFA mortgage loans may be insured by the Federal Housing Administration ("FHA") insurance or the Veterans Administration ("VA") guarantees on newly constructed or existing eligible dwellings. Each FHA insured or VA guaranteed loan may be insured or guaranteed under one of the following programs: (a) FHA Section 203 (b) or (i); Home Unsubsidized, (b) FHA Section 213: Cooperative Financing, (c) FHA Section 221 (d) (2): Low and Moderate Income, (d) FHA Section 222: Servicemen, (e) FHA Section 233: Experimental Housing, (f) FHA Section 234: Individual Condominium Unit, (g) FHA Section 235: Lower Income (Interest Subsidy), (h) FHA Section 237: Special Credit Risks, (i) FHA Section 245: Graduated Payment Mortgages, (j) FHA Section 745: Direct Endorsements, (k) FHA Section 809: Armed Services Civilian Employees, (l) FHA Section 810: Armed Services Housing, or (m) VA - Chapter 37, Title 38, U.S. Code (which includes section 501 of the Servicemen's Readjustment Act of 1944, as amended). CHFA mortgage loans may be insured under any other FHA insurance program with the prior written approval of CHFA. VA guaranteed loans shall not exceed the reasonable value of the property as established by a certificate of reasonable value issued by the VA. The VA guaranty together with the downpayment (based on the lower of cost or value) shall not be less than twenty-five (25) percent of the lower of cost or value of the mortgaged premises.