12 U.S.C. § 1701l : US Code - Section 1701L: Limitation on interest rates of insured mortgages; terms of sales

Search 12 U.S.C. § 1701l : US Code - Section 1701L: Limitation on interest rates of insured mortgages; terms of sales

It is the intent of Congress that no sale of a dwelling on which
a mortgage is insured under the National Housing Act, as amended
[12 U.S.C. 1701 et seq.], shall be financed, while such mortgage is
so insured, at an interest rate higher than that prescribed by the
Secretary of Housing and Urban Development. It is the further
intent of Congress that no such sale shall be made, while such
mortgage is so insured, on terms less favorable to the purchaser as
to amortization, retirement, foreclosure, or forfeiture than those
contained in such mortgage.