Section 764.205 - Security requirementsA Down payment 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. 72 FR 63298 , Nov. 8, 2007, as amended at 73 FR 74345 , Dec. 8, 2008; 86 FR 43392 , Aug. 9, 2021