(a) Except as provided by Subsection (b), the ratio of loan to total housing development cost and the amortization period of a loan insured or guaranteed by the federal government is governed by the federal government mortgage insurance commitment or federal guarantee for each housing development.
(b) The amortization period for a loan may not exceed 40 years.

Terms Used In Texas Government Code 2306.225

  • Amortization: Paying off a loan by regular installments.
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.