(1) The corporation may insure:
Up to one hundred percent of the unpaid principal amount of loans for the purpose ofpurchasing, rehabilitating, or repairing eligible housing;
Up to thirty percent of the original principal amount of refinancing loans, if the fundsin excess of those required to discharge existing mortgages are used for rehabilitation of all dwelling units in structures refinanced and for no other purpose; and
Up to thirty percent of the original principal amount of acquisition loans, if the insured loan together with other resources of the borrower is sufficient to acquire the property and to complete rehabilitation in accordance with the standards of this article. When the borrower of such an insured loan has repaid to the lender thirty percent of the original principal balance, the loan shall cease to be insured, and thereafter the borrower shall no longer be required to make mortgage insurance payments to the corporation.
Source: L. 75: Entire article added, p. 268, § 1, effective June 29.