876 Ind. Admin. Code 2-14-5

Current through December 25, 2024

Section 876 IAC 2-14-5 - Types of mortgage loans; financing methods

Authority: IC 25-34.1-2-5

Affected: IC 25-34.1-5

Sec. 5.

(a) The competency and instructional level for subdivisions (1) through (3) is Level 3. The following are concepts of major types of mortgage loans (Cover basic definitions; characteristics and uses; the major types of payment plans in common use; the major loan programs (for FHA and VA mortgages); and basic qualification requirements for various types of loans. Use examples extensively.):

(1) Conventional.

(2) Federal Housing Administration (FHA).

(3) Veterans Administration.

(b) The competency and instructional level for subdivisions (1) through (12) is Level 3. The following are concepts of other types of financing methods (Cover basic definitions, characteristics, and uses. Use examples.):

(1) Purchase money.

(2) Farmers Home Administration (FmHA).

(3) Development.

(4) Construction.

(5) Bridge or interim.

(6) Open end.

(7) Blanket.

(8) Package.

(9) Equity participation (shared appreciation).

(10) Reverse annuity.

(11) Leasehold.

(12) Wraparound.

(c) The competency and instructional level for subdivisions (1) through (4) is Level 2. The following are concepts of special financing methods:

(1) Installment land contract.

(2) Sale; leaseback.

(3) Ground lease.

(4) Syndication.

876 IAC 2-14-5

Indiana Real Estate Commission; 876 IAC 2-14-5; filed Dec 1, 1989, 5:00 p.m.: 13 IR 669; errata filed Jun 2, 1998, 11:33 a.m.: 21 IR 3940; readopted filed Jun 29, 2001, 9:56 a.m.: 24 IR 3824; readopted filed Jul 19, 2007, 12:57 p.m.: 20070808-IR-876070067RFA