234.256—Substitute mortgagors.
(a) Selling mortgagor.
The requirements for the selling mortgagor are set forth in § 203.258(a) of this chapter.
(b) Purchasing mortgagor.
(1)
If the dwelling is a principal or secondary place of residence, the requirements for the purchasing mortgagor are set forth in § 203.258(b)(1) of this chapter.
(c) Applicability—current mortgagor.
Paragraph (b) of this section applies to the Commissioner's approval of a substitute mortgagor only if the mortgage executed by the original mortgagor met the conditions of § 203.258(c) of this chapter.
(d) Applicability—earlier mortgagor.
The occupancy and similar requirements set forth in § 203.258(d) of this chapter apply to mortgages insured under subpart A of this part.
(e) Direct endorsement.
Requirements for the direct endorsement program are set forth in § 203.258(f) of this chapter.