HAR §15-314-32. Acquisition cost limitation

(a) No dwelling unit financed shall have an acquisition cost that exceeds the maximum acquisition cost based on the loan limits permitted by section 143(a) of the Internal Revenue Code of 1986, as amended. (b) The acquisition cost shall include: (1) All amounts paid, either in cash or in kind, by the eligible borrower (or a related party or for the benefit of the seller) as consideration for the dwelling unit, including the amount of any lien or assessment to which the dwelling unit is subject; and (2) If a residence is incomplete, the reasonable cost of completing the dwelling unit, whether the cost of completing construction is to be financed with the mortgage loan. (c) The acquisition cost shall not include the following: (1) The usual and reasonable settlement or financing costs, including (A) Title and transfer costs; (B) Title insurance; (C) Survey fees or other similar costs; (D) Credit reference fees; (E) Legal fees; (F) Appraisal expenses; 314-9 §15-314-31