764.205—Security requirements.

A Downpayment loan must:
(a) Be secured in accordance with §§ 764.103 through 764.106;
(b) Be secured by a lien on the property being acquired with the loan funds and junior only to the party financing the balance of the purchase price.

Code of Federal Regulations

[72 FR 63298, Nov. 8, 2007, as amended at 73 FR 74345, Dec. 8, 2008]