§ 3555.102 Loan restrictions.

A guarantee will not be issued if loan funds are to be used for: (a) Existing manufactured homes. Purchase of an existing manufactured home, except as provided in § 3555.208(b)(3); (b) Income producing land or buildings. Purchase or improvement of land or buildings that are typically used principally for income-producing purposes; (c) Business or income-producing enterprise. Purchase or the construction of buildings which are largely or in part specifically designed to accommodate a business or income-producing enterprise; (d) Loan discount points. Loan discount points, except as provided in § 3555.101(b)(6)(vi); (e) Refinancing. Refinancing, except as provided in § 3555.101(d); (f) Buydown. Establishing a buydown account; (g) Lease. Payments on a lease; or (h) Seller concessions. Purchasing a home if the seller, or other interested third party, contributes more than 6 percent, unless otherwise provided by the Agency, of the property's sales price toward the purchaser's mortgage financing costs, closing costs, escrow accounts, furniture or other giveaways.