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FEDERAL REGISTER, Friday, September 1, 1939

3793

of the Government of the United States first mortgage, first deed of trust or simi ments set out in the building contract.
or of any State or Territory thereof.
lar instrument which constitutes a first v Such evidence of titles shall be lien upon such fee simple or leasehold Prior to making the payment under al furnished without cost to the Admin interest in the land and all buildings, ap ternative 1 above, the insured institu istrator and shall be executed asof a purtenances and improvements thereon. tion shall obtain a certificate signed by the borrower and the builder to the ef date to include the recordation of the f Shall comply with the following fect that the house has been completed deed to the Administrator, and shall requirements:
in accordance with the plans or sketches show that, according to the public rec 1 Prior to making the loan the in and specifications.
ords, there are not, at such date, any 5
The approval provided for in outstanding prior liens, including any sured institution shall obtain from the past due and unpaid ground rents, re borrower a signed Certificate of Con Paragraph a of this Section shall newal taxes, or special assessments. If formity, approved as to form by the Ad not relieve the insured institution from the title and title evidence are such as ministrator, containing the necessary in compliance with all other Regulations.
to be acceptable to prudent lending in formation from which it can determine Regulation XIV
stitutions and leading attorneys gen conformity with the requirements of 501.14
and this Regulation, together with
501.14
New dwelling structure re erally in the community in which the property is situated, such title and title plans or sketches and specifications quirements. A new structure which is to evidence will be satisfactory to the Ad sufficient to form the basis for an ap be used in whole or in part for residen ministrator and will be considered by praisal by the insured institution of the tial purposes shall conform with the fol value of the completed property.
lowing conditions:
him as good and merchantable.
2 Prior to making the loan the in vi The Administrator will not object a Such new structure shall be to the title by reason of the following sured institution shall make an estimate erected in conformity with all applica of the value of the property when the matters, provided they are not such as ble laws, ordinances and regulations, to impair the value of the property for proposed improvements are completed including codes, zoning ordinances, and and shall certify to the local insuring residence purposes.
office of the Administration the amount health regulations.
b Property requirements1 Min a Customary easements for public of such appraisal and that the require utilities, party walls, driveways, and ments of Section 4 of this Regulation are imum land area for any one dwelling.
other purposes; customary building or complied with. Such certificate ban be i Where public water supply and pub use restrictions for breach of which there accompanied by the Certificate of Con lic sewer are available the minimum is no reversion and which have not been formity, the plans or sketches and speci land area for any one dwelling shall be violated to a material extent;
fications and other data which are ade 4,000 square feet, except in those areas b Such restrictions when coupled quate to determine conformity. A pay wherein there is seasonal occupancy ex with a reversionary clause, provided ment of $10.00 to the Administrator shad amples of such areas are summer camps, there has been no violation prior to the accompany the certificate to cover the resort properties, and those properties date of the deed to the Administrator; services of the Administration in exam not generally used as year-round resi dences, or wherein the existing lots Xc Slight encroachments by adjoining ining the loan.
improvements;
3 Prior to making the loan the in have been platted prior to February 3, d Outstanding oil, water, or mineral sured institution shall obtain from the 1938, with smaller land areas, in which rights, which do not impair the value of local insuring office of the Administra cases there is no minimum land area.
the property for residence purposes, or tion a certificate approving the loan sub ii Where public water supply is which are customarily waived by prudent ject to the provisions of this Regulation. available and private sewage disposal lending institutions and leading attor Approval shall not be given if, 1 the system cesspool or septic tank is used, neys generally in the c o m m u n ity specific site is acceptable for develop or where public water supply is not Regulation XIII
ment with the proceeds of a mortgage available but a public sewer is available, the minimum land area shall be 7,50o 501.13 Class 3 loans. A Class 3 loan insurable under the provisions of Title n square feet. This area may be reduced of the National Housing Act;
except Sec in order to be eligible for insurance:
tion 203 d ; or, 2 the proposed new when the installation of the proposed a Shall not be in excess of $2,500 structure is not substantially similar in private sewage disposal system is in con exclusive of financing charges to the type and size to existing typical struc formity with state regulations, and the borrower.
tures in the neighborhood; or, 3 at written approval or acceptance is re b Shall not have a maturity in ex the time and in the c o m m u n ity such ceived from the local health officer, but, cess of fifteen years and sixty-two days large numbers of new single family in no event, shall such land area be less from the date of the note.
dwellings have been or are being erected than 4,000 square feet.
c Shall be expended solely for the as to jeopardize the levels of values and iii Where neither a public sewer nor purpose of erecting a new residential rents in the community or impair the a public water supply is available the structure.
continued marketability of such dwell minimum land area shall be 20,000
d Shall be made to a borrower who ings.
square feet. This area may be reduced is the fee simple owner of the land upon 4 Prior to disbursing the proceeds of when the private water supply and the which the new structure is to be built or the loan or any portion thereof, the inproposed private sanitary facilities cess who holds such land under a lease, ap sm-ed institution shall satisfy itself pool, septic tank or outdoor toilet are proved by the Administrator, having a either that 1 the structure has been in conformity with state regulations and term of at least thirty years to run from completed in accordance with the plans written approval or acceptance is re the date of the note, and who establishes or sketches and specifications upon ceived from the local health officer, but to the satisfaction of the insured insti which the valuation certificate was in no event shall such land area be less tution that, in addition to the loan, he based, or 2 in the case of progress pay than 4,000 square feet.
has an investment in the property in ments during construction, that the value c S t r u c t u r a l requirements 1
cash, in land, or in an interest in the of the work done and materials on the Foundations, i All foundations shall land in an amount equal to at least five site at the time of any such progress be of masonry and shall be pier, wall or per centum of the appraised value of the payment is equal to a t least one hun slab construction.
completed property as determined by the dred and ten per cent of such payment ii Foundations other than slab insured institution.
plus all such progress payments there e Shall be secured by collateral se tofore made, or th at any such progress foundation sh3.ll be carried below the curity in the form of a duly recorded payment is due under a schedule of payfrost line prevailing in the neighbor hood.
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