§ 31.1. Maximum principal amount of loans over 80% of fair market value.
(a) The principal of the obligation on loans in excess of 80% of the fair market value of one family residential property to be encumbered shall not exceed $40,000 provided, however, that there shall be no amount limitation if at least the top 20% of such loan is insured or guaranteed by a mortgage insurance company which has been approved by the Department and licensed by the Insurance Department of the Commonwealth.
(b) Such loans shall not exceed 90% of fair market value.
The provisions of this § 31.1 amended through June 6, 1975, 5 Pa.B. 1452. Immediately preceding text appears at serial page (4103).
The provisions of this section cited in 10 Pa. Code § 31.2 (relating to loans in excess of statutory authorization on one-family residential properties).
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