Mortgage Bond

Mortgage Bond

Mortgage Bond means:
a tax-exempt security sold by municipal and state authorities for the purpose of providing low-interest-rate mortgage loans to qualified individuals. For most programs, mortgage borrowers must be first-time homebuyers with moderate income. The Tax Reform Act of 1986 restricts the amount of these bonds that may be issued by each state each year. IRC (check if this IRC provision is current here) §143.


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