Substitute mortgagors.

(a) Selling mortgagor. The requirements for the selling mortgagor are set forth in § 203.258(a) of this chapter. (b) Purchasing mortgagor. (1) If the dwelling is a principal or secondary place of residence, the requirements for the purchasing mortgagor are set forth in § 203.258(b)(1) of this chapter. (2) [Reserved] (c) Applicability—current mortgagor. Paragraph (b) of this section applies to the Commissioner's approval of a substitute mortgagor only if the mortgage executed by the original mortgagor met the conditions of § 203.258(c) of this chapter. (d) Applicability—earlier mortgagor. The occupancy and similar requirements set forth in § 203.258(d) of this chapter apply to mortgages insured under subpart A of this part. (e) Direct endorsement. Requirements for the direct endorsement program are set forth in § 203.258(f) of this chapter. (f) Substitute mortgagor is defined in § 203.258(f) of this chapter. [55 FR 34814, Aug. 24, 1990, as amended at 57 FR 38352, Dec. 9, 1992; 61 FR 60163, Nov. 26, 1996]