Mortgage and loan insurance programs: Single family mortgage insurance— Maximum mortgage limit and downpayment requirement; statutory changes,

[Federal Register: March 31, 1999 (Volume 64, Number 61)]

[Rules and Regulations]

[Page 15303]

From the Federal Register Online via GPO Access [wais.access.gpo.gov]

[DOCID:fr31mr99-12]

DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

24 CFR Parts 203 and 204

[Docket No. FR-4288-C-02]

RIN 2502-AH08

Builder Warranty for High-Ratio FHA-Insured Single Family Mortgages for New Homes

AGENCY: Office of the Assistant Secretary for Housing-Federal Housing Commissioner, HUD.

ACTION: Interim rule; technical correction.

SUMMARY: On March 25, 1999, HUD published an interim rule revising the warranty requirements applicable to high-ratio FHA-insured single family mortgages on new homes. This document corrects errors in the preamble to that interim rule.

EFFECTIVE DATE: April 27, 1999.

FOR FURTHER INFORMATION CONTACT: Vance Morris, Director, Home Mortgage Insurance Division, Room 9266, Department of Housing and Urban Development, 451 7th St., Washington, DC 20410, 202-708-2700. (This is not a toll-free number.) For hearing- and speech-impaired persons, this number may be accessed via TTY by calling the Federal Information Relay Service at 1-800-877-8339.

SUPPLEMENTARY INFORMATION:

On March 25, 1999, 64 FR 14572, HUD published an interim rule revising the warranty requirements applicable to high-ratio FHA-insured single family mortgages on new homes. Two errors in the preamble for that interim rule need correction. In explaining the meaning of ``new construction'' or ``new home'', we inadvertently omitted a ``not''. In footnote 1, we provided an Internet address that cannot be accessed by non-HUD servers.

Accordingly, FR Doc. 99-7345, Builder Warranty for High-Ratio FHA- Insured Single Family Mortgages for New Homes (FR-4288-I-01), published in the Federal Register on March 25, 1999 (64 FR 14572), is corrected as follows:

  1. On page 14572, second column, the second complete sentence is revised to read as follows: ``(In this preamble, ``new construction'' or ``new home'' refers to any home that was not completed earlier than 1 year before the date of the application for mortgage insurance).''

  2. On page 14572, third column, footnote 1, the Internet address is amended to read ``http://www.hudclips.org/sub-nonhud/html/forms.htm''.

Dated: March 26, 1999. Camille E. Acevedo, Assistant General Counsel for Regulations.

[FR Doc. 99-7920Filed3-30-99; 8:45 am]

BILLING CODE 4210-27-P

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