SectionOfActType

Description
Identifies the section of the National Housing Act which defines underwriting guidelines for VA or FHA loan evaluations.

Type : SectionOfActEnum
Value Description
184Section 184-Public and Indian Housing Loan Guarantees for Indian Housing guarantees mortgage loans to Indian families, IHAs, and Indian tribes that could not otherwise acquire housing financing because of the unique legal status of Indian lands. The loans guaranteed under the program are used to construct, acquire, refinance, or rehabilitate single family housing located on trust land or land located in an Indian or Alaska Native area.
184ASection 184-Public and Indian Housing Loan Guarantees for Indian Housing guarantees mortgage loans to Indian families, IHAs, and Indian tribes that could not otherwise acquire housing financing because of the unique legal status of Indian lands. The loans guaranteed under the program are used to construct, acquire, refinance, or rehabilitate single family housing located on trust land or land located in an Indian or Alaska Native area.
201SReferred to as 201(s) - Secured Title I - Direct Loan
201SDReferred to as 201(s)(d) - Secured Title II - Dealer Loan
201UReferred to as 201(u) - Unsecured Title I - Direct Loan
201UDReferred to as 201(u)(d) - Unsecured Title II - Dealer Loan
203BSection 203(b)-Federal mortgage insurance to finance homeownership and the construction and financing of housing.
203B2Referred to as 203(b)2. Purchase, Refinances - Veteran Status
203B241Referred to as 203(b)/241. Purchase, Refinances - Native American
203B251Referred to as 203(b)/251. Condominium/ARM
203HSection 203(h)-FHA Mortgage Insurance for Disaster Victims. Federal mortgage insurance for victims of a major disaster who have lost their homes and are in the process of rebuilding or buying another home.
203IReferred to as 203(I). Mortgage Insurance for Outlying Areas
203KSection 203(k)-FHA Rehabilitation Loan Insurance. Insures loans to finance the rehabilitation or purchase and rehabilitation of one- to four-family properties.
203K241Referred to as 203(k)/241. A first mortgage that covers the costs of rehabilitation and purchase or refinance of an eligible property -Native American
203K251Referred to as 203(k)/251. Purchase, Rehab/ARM
204ASection 204(a)-Helps homeowners with FHA-insured loans to effectively work with lenders to find creative solutions to avoid foreclosure.
204GFHAGoodNeighborNextDoorSection 204(g)-FHA Good Neighbor Next Door Program. Provides law enforcement officers, teachers, firefighters, and emergency medical technicians with the opportunity to purchase homes located in revitalization areas at significant discount.
204GSingleFamilyPropertyDispositionSection 204(g)-FHA Single Family Property Disposition Program. Disposes of one- to four-family FHA-owned properties in a manner targeted to expanding homeownership opportunities.
213Cooperative Mortgages (individual share loans only) (Inactive code. Deactivated on 10/26/09.)
220220: Mortgages in Urban Renewal Areas (individual share loans only) (Inactive code. Deactivated on 10/26/09.)
221Referred to as 221 - Low Cost and Moderate Income Mortgages (Inactive code. Deactivated on 10/26/09.)
221D2 Referred to as 221(d)(2). Low and Moderate Income/ARM (Inactive code. Deactivated on 10/26/09.)
221D2251Referred to as 221(d)(2)/251. Low and Moderate Income/ARM (Inactive code. Deactivated on 10/26/09.)
222Defense Service Members Mortgage
223ESection 223(e) FHA Mortgage Insurance for older, declining areas. Federal insurance on mortgage loans to finance the purchase, rehabilitation, or construction of housing in older, declining, but still viable urban areas where conditions are such that normal requirements for mortgage insurance cannot be met.
233Experimental Housing Units (individual mortgages only)
234CSection 234(c)-FHA Mortgage Insurance for Condominium Units. Federal mortgage insurance to finance the purchase of individual housing units in proposed or existing condominiums.
234C251Referred to as 234(c)/251. Condominium/ARM
235Homeownership Assistance for Lower Income Families
237Special Credit Risks
240Fee Simple Title from Lessors
245Graduated Payment Mortgages (GPM) and Growing Equity Mortgages (GEM)
245ASection 245(a)-FHA Graduated Payment Mortgages (GPM) and Growing Equity Mortgages (GEM). Enables a household with a limited income that is expected to rise to buy a home sooner by making mortgage payments that start small and increase gradually over time. The GPM program offers five different plans varying in length of time and rate of increase of nominal interest rate.
247Section 247-FHA Mortgages on Hawaiian Home Lands. Provides opportunities to low- and moderate-income Native Hawaiians to purchase a home on Hawaiian home lands, where, because a mortgage is taken on a homestead lease granted by the Department of Hawaiian Homelands, home financing may be difficult to find.
248Section 248-FHA Insured Mortgages on Indian lands. Provides opportunities for low- and moderate-income Native Americans to purchase a home in their communities on Indianland, where, because of the complex title issues involved, financing may be difficult to find.
251Section 251-FHA Adjustable Rate Mortgages. Under this HUD-insured mortgage, the interest rate and monthly payment may change during the life of the loan.
255Section 255-FHA Home Equity Conversion Mortgage (HECM) Program. Allows borrowers, who are at least 62 years of age, to convert the equity in their homes into a monthly stream of income or a line of credit.
256Home Repair Services Grants For Older And Disabled Homeowners. (Inactive code. Deactivated on 10/26/09.)
257HOPE for Homeowners (Inactive code. Deactivated on 10/26/09.)
26101Federal Housing Administration (FHA) Graduated Payment Mortgage (GPM) Plan I, Section of the Act 203(b)
26102Federal Housing Administration (FHA) Graduated Payment Mortgage (GPM) Plan II, Section of the Act 203(b)
26201Federal Housing Administration (FHA) Graduated Payment Mortgage (GPM) Plan I, Section of the Act 234(c)
26202Federal Housing Administration (FHA) Graduated Payment Mortgage (GPM) Plan II, Section of the Act 234(c)
27001Federal Housing Administration (FHA) Graduated Payment Mortgage (GPM) Plan I, Section of the Act 203(b)
27002Federal Housing Administration (FHA) Graduated Payment Mortgage (GPM) Plan II, Section of the Act 203(b)
27003Federal Housing Administration (FHA) Graduated Payment Mortgage (GPM) Plan III, Section of the Act 203(b)
3710Department of Veterans Affairs (VA) Fixed Rate Mortgages (Formerly 1810)
502USDARuralDevelopmentGuaranteedHousingLoanSection 502-USDA Rural Development Direct Housing Loan. Loans to low-income individuals or households purchase homes in rural areas. Funds can be used to build, repair, renovate or relocate a home, or to purchase and prepare sites, including providing water and sewage facilities.
513FHA Energy Efficient Mortgage Insurance. Insures an FHA mortgage that exceeds the normal maximum loan limits if the mortgage includes an amount for the purchase of energy efficient improvements made or to be made to the property.
729Government Adjustable Rate Mortgages From Lenders With Housing and Urban Development (HUD) Direct Endorsement Authority, Section of the Act 203(b)/251 (Inactive code. Deactivated on 10/26/09.)
8YSection 8(y)- Public and Indian Housing Homeownership Voucher Assistance Program Program enabling public housing agencies to provide monthly assistance in an amount that would otherwise have been provided as tenant-based voucher assistance to qualified Section 8 Housing Choice Voucher families who are purchasing homes.
FHATitleIInsuranceForManufacturedHomesTitle II Section I-FHA Manufactured Home Loans Insurance. Insures loans to finance the purchase of manufactured homes or lots.
FHATitleIInsuranceForPropertyImprovementLoansTitle II Section I-FHA Property Improvement Loan Insurance. Insures loans to finance improvements, alterations, and repairs of individual homes, apartment buildings, and nonresidential structures, as well as new construction of nonresidential buildings.
Other

Definition
Identifies the section of the National Housing Act which defines underwriting guidelines for VA or FHA loan evaluations.
(Defined in file MISMO_3.4.0_B324.xsd , or a file it imports)

Attributes
DataNotSuppliedReasonTypeA value from a MISMO prescribed list that specifies the reason a specific data point is not included in the message.
DataNotSuppliedReasonTypeAdditionalDescriptionA free-form text field used to provide a supplemental comment or remark regarding the Data Not Supplied Reason Type.
DataNotSuppliedReasonTypeOtherDescriptionA free-form text field used to capture the enumeration when Other is selected for Data Not Supplied Reason Type.
label
SensitiveIndicatorAllows producers and consumers of XML instance documents that are valid MISMO V3 documents to mark any data point to be treated as sensitive. MISMO recommends that any use of a data point labeled as "Sensitive Information" in the LDD ALWAYS have this attribute set to "true".

Parents
\MESSAGE\DEAL_SETS\DEAL_SET\DEALS\DEAL\LOANS\LOAN\GOVERNMENT_LOAN