California Health and Safety Code 50058.5 – “Buy-down mortgage plan” is a program by which the effective interest …
Current as of: 2024 | Check for updates
|
Other versions
“Buy-down mortgage plan” is a program by which the effective interest cost to the purchaser of a real property is reduced below market rates through supplemental payments by the agency to a qualified mortgage lender in return for which the agency shall obtain from the purchaser an interest-bearing note secured by a subordinated mortgage on the property which is purchased.
(Added by Stats. 1982, Ch. 320, Sec. 3. Effective June 29, 1982.)
Terms Used In California Health and Safety Code 50058.5
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.