HAR §6-27-12. to not more than eighty per cent of the value of the mortgaged property

Mortgage insurance coverage shall remain in force until the principal amount of the loan is reduced to eighty per cent of the market value of the mortgaged property, at which time the coverage shall be subject to cancellation solely at the board’s option. The borrow shall pay for the premiums for the insurance. (e) No member home loan secured by a first mortgage shall be made in an amount which is less than or greater than the minimum or maximum loan amounts set by the board of trustees. The minimum and maximum loan amounts shall be set and may be periodically adjusted by the board of trustees at any of its regularly scheduled meetings. Notice of the board’s intention to adjust the minimum and maximum loan amounts shall be included in the agenda for the meeting at which loan amounts shall be set or adjusted. (f) There shall be a minimum cash equity of ten per cent of the purchase price for home purchases. [Eff 2/9/89; am 12/24/90; am 6/11/92] (Auth: HRS §§88-28, 88-119.5) (Imp: HRS §§88-119, 88­ 119.5) §6-27-13 Leasehold conversion loans; minimum and maximum amounts. (a) The collateral shall be a first mortgage on the fee simple interest and a second mortgage on the leasehold interest on improved real estate. (b) No leasehold conversion loan shall be made in an amount less than the minimum loan amount set by the board of trustees. (c) No leasehold conversion loan shall be made which, when combined with the outstanding balance of a first leasehold member home loan, exceeds the maximum loan amount set by the board of trustees, or when the combined balances of the first leasehold mortgage loan and the amount of the leasehold conversion loan exceeds eighty per cent of the appraised value of the real estate mortgaged to secure it. [Eff 2/9/89; am 12/24/90; am 6/11/92] (Auth: HRS §§88-28, 88-119.5) (Imp: §§88-119, 88-119.5)