Texas Local Government Code 394.906 – Conditions Under Which Federal Guarantee or Home Mortgage Insurance Not Required
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Terms Used In Texas Local Government Code 394.906
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- United States: includes a department, bureau, or other agency of the United States of America. See Texas Government Code 311.005
A home mortgage does not require a federal guarantee or home mortgage insurance if the principal of and interest on the housing finance corporation‘s bonds issued to make or purchase the home mortgage or to make loans to lending institutions are guaranteed or insured by an agency, department, or instrumentality of the United States or by an insurance or surety company authorized to issue municipal bond insurance.