24 CFR 206.32
§ 206.32 No outstanding unpaid obligations.
United States · 24 CFR — Housing and Urban Development · Status: effective
Cite this
- Citation
- 24 CFR 206.32, § 206.32 No outstanding unpaid obligations, United States, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/99720
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Full text
In order for a mortgage to be eligible under this part, a borrower must establish to the satisfaction of the mortgagee that after the initial payment of loan proceeds under § 206.25(a), there will be no outstanding or unpaid obligations incurred by the borrower in connection with the mortgage transaction, except for mortgage servicing charges permitted under § 206.207(b) and any future Repair Set Aside established pursuant to § 206.19(f)(1); and the initial disbursement will not be used for any payment to or on behalf of an estate planning service firm.
Legislative history
This is a federal regulation, adopted through agency rulemaking under the Administrative Procedure Act — not enacted by a recorded vote of Congress.