Fabio
76b8ec33a7
Ingested titles 12–51 and 54 from OLRC USLM XML @119-100 (the whole Code now, uniform edition; Title 53 is reserved/empty). LegalText 11,221 -> 59,740; repo total 105,704 records. Deterministic (byte-identical rerun, verified on Title 42's 8,356 sections); make check green. make legal-us-code default now covers every title. Co-Authored-By: Claude Opus 4.8 <noreply@anthropic.com>
64 lines
3.2 KiB
Markdown
64 lines
3.2 KiB
Markdown
---
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type: "LegalText"
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title: "42 U.S.C. § 12808"
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description: "Second mortgage assistance for first-time homebuyers"
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jurisdiction: "us"
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corpus: "united_states_code"
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kind: "code_section"
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title_number: 42
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title_name: "THE PUBLIC HEALTH AND WELFARE"
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chapter_number: "130"
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chapter_name: "NATIONAL AFFORDABLE HOUSING"
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section: "12808"
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citation: "42 U.S.C. § 12808"
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status: "current"
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release_point: "119-100"
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release_date: "2026-06-26"
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source: "official"
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source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc42@119-100.zip"
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source_identifier: "/us/usc/t42/s12808"
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source_file: "data/legal/raw/us/code/title-42/usc42.xml"
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source_hash: "7e16337da75ceed052a25bcae4f8f8307d1e9772a6ccfabb9a537c095360938f"
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raw_snapshot_hash: "644321055a08eb1f260a6a3e31ac157fa024756abf612a9fd6857e7e400cf24e"
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text_hash: "13690288b2a6bc7e5656a1586aecf8522019f0fe74e99b70d1e2396f72360563"
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retrieved_at: "2026-07-04"
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confidence: "official"
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tags: ["legal", "us-code"]
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---
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# 42 U.S.C. § 12808 - Second mortgage assistance for first-time homebuyers
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## Text
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(a) In general The Secretary shall make available a model program under which units of general local government provide loans (secured by second mortgages) with deferred payment of interest and principal to first-time homebuyers.
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(b) Homeownership counseling The program under this section shall provide for homeownership counseling to first-time homebuyers assisted, which shall include—
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(1) counseling before and after purchase of the property;
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(2) assisting first-time homebuyers in identifying the most suitable and affordable properties;
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(3) providing homebuyers with financial management assistance;
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(4) assisting homebuyers in understanding mortgage transactions and home sales contracts; and
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(5) assisting homebuyers with eliminating any credit problems that may prevent the homebuyers from purchasing the property.
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(c) Eligibility requirements Deferred payment loans secured by second mortgages may be provided under the model program under this section if—
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(1) the homebuyer assisted is a first-time homebuyer;
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(2) the property secured by the second mortgage is a single-family residence and is the principal residence of the homebuyer; and
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(3) the principal obligation of the deferred payment loan secured by a second mortgage does not exceed 30 percent of the acquisition price of the residence to the homebuyer.
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(d) Payment terms (1) Period of deferral The payment of any principal and interest on a loan under this section shall be deferred for not less than the 5-year period beginning on the date of the acquisition of the residence by the homebuyer.
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(2) Interest rate The interest rate on the unpaid balance of a loan under this section shall be at least 4 percent.
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(3) Repayment period A deferred payment loan secured by a second mortgage shall be repayable over the 15-year period beginning at the end of the deferral period.
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(e) Security A deferred payment loan assisted with amount 11 So in original. Probably should be “amounts”. provided under a grant under this section shall be secured by a lien on the property involved, which lien shall be subordinate to the first mortgage on the property.
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(Pub. L. 101–625, title II, § 258, Nov. 28, 1990, 104 Stat. 4123.)
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