(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.

(2) [Reserved]

(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.

(f) Substitute mortgagor is defined in §203.258(f) of this chapter.

[55 FR 34814, Aug. 24, 1990, as amended at 57 FR 38352, Dec. 9, 1992; 61 FR 60163, Nov. 26, 1996]