(a) In addition to the fees described in §175.17, relating to Fees and Deposits, of this chapter, the board shall collect a fee for the preparation, review, or approval of any document relating to a loan made under this subchapter, including but not limited to the following:
- (1) notes;
- (2) deeds of trust;
- (3) subordination agreements;
- (4) transfers and/or assignments of liens; or
- (5) release of liens.
- (b) No fee may be charged in connection with a loan made under this subchapter to a borrower by a third party that has not been approved by the board. Fees and expenses approved by the board may be made a part of the borrower's loan installment payments.
- (c) The board will specify the terms and conditions of the loan for each transaction.
- (d) Each loan shall bear a rate of interest designated by the board.
- (e) Each loan shall not exceed 30 years in duration.
- (f) The board may by resolution set the amount of the down payment required of borrowers. The down payment shall not exceed five percent (5.0%) of the total purchase price of the land. This down payment shall be paid to the closing agent at or before closing.
Source Note:The provisions of this §175.56 adopted to be effective January 8, 2002, 27 TexReg 286.