1. (1) a new loan that the Administration purchases or in which the Administration purchases an interest;
2. (2) a loan made with the proceeds of purchase by the Administration of a residential mortgage; or
3. (3) a loan made with the proceeds of a loan from the Administration to a mortgage lender.

Except as required to qualify for insurance or guaranty by the federal government, a residential mortgage loan may not be assigned to or assumed by a person not qualified under the appropriate Administration program if the residential mortgage loan is:

Added by Acts 2005, c. 26, § 2, eff. Oct. 1, 2005.