51175-51177

HEALTH AND SAFETY CODE
SECTION 51175-51177




51175.  Except as provided in this article, the agency shall not
make construction loans or mortgage loans for the purpose of
financing owner-occupied residential structures unless such loans are
made through a qualified mortgage lender.


51176.  In rural mortgage areas the agency may make and undertake
commitments to make construction loans and mortgage loans to finance
owner-occupied residential structures without the participation of a
qualified mortgage lender if no qualified mortgage lender will
participate in financing such residential structures as provided in
Article 2 (commencing with Section 51125) or Article 3 (commencing
with Section 51150) of this chapter, or if the board determines that
the agency can initiate or service loans directly at less cost than
through use of a qualified mortgage lender.



51177.  The agency may make and undertake commitments to make
construction loans and mortgage loans to finance residential
structures without the participation of a qualified mortgage lender
where the income of the owner-occupant is no greater than 65 percent
of the median income for the area in which the residential structure
is located as determined by the United States Department of Housing
and Urban Development or by the agency's reference to current data of
the U.S. Census Bureau. The income at 65 percent of median shall be
based on a family of four with adjustments above and below such
maximum to compensate for family size.