During the time the owner may request advances, the payment must be equal to or greater than the accrued interest. Payments must begin no later than two months from the date of the extension of credit. O In regular periodic installments not more often than every 14 days and not less often than monthly. Payments must begin no later than two months from the date the extension of credit is made, and each installment must equal or exceed the accrued interest as of the date of the scheduled payment. O In substantially equal periodic installments not more often than every 14 days and not less often than monthly.
For originating, evaluating, maintaining, recording, insuring, or servicing the extension of credit, not require the owner or the owner's spouse to pay, in addition to any interest, fees in an amount that exceeds 3% of the original principal amount of the loan.Be secured by a lien that may be foreclosed upon only through a court order.Not allow repayment through the personal liability of the owner(s) unless the extension of credit was obtained by actual fraud.Have a principal amount that, when added to the total of all other outstanding debts secured by the homestead, does not exceed 80% of the fair market value of the homestead on the date the extension of credit is made.Be secured by a voluntary lien on the homestead that was created under a written agreement with the consent of each owner and spouse.The conversion and refinance of a personal property lien secured by a manufactured home to a lien on real property, including refinancing the purchase price and cost of installing the manufactured home on the real property and refinancing the purchase price of the real property.A loan, including a home equity loan, that meets certain conditions.O The contract for the work and material is executed by the owner and his/her spouse at the office of one of the following:
O The contract for the work and material is not executed by the owner or the owner's spouse before the fifth day after making written application for the credit, unless immediate repairs must be completed that materially affect the health or safety of the owner/resident of the homestead and this is acknowledged in writing O The contract for the work and material expressly provides that the owner may rescind the contract without penalty or charge within three days after its execution, unless immediate repairs must be completed that materially affect the health or safety of the owner/resident of the homestead and this is acknowledged in writing O There is a written contract for the work, signed by both spouses, if the property is a family homestead A debt arising from the work and material used to repair or renovate existing improvements on the homestead, if all of the following are true:.A debt arising from the work and material used to make improvements on the homestead based on a written contract.The refinance of a lien against a homestead, including a federal tax lien resulting from the tax debt of both spouses, if the homestead is a family homestead, or from the tax debt of the owner.In the case of a divorce, if the real property is divided unequally as a result of the parties divorce decree, the spouse with the smaller portion might receive an owelty of partition lien or could force the sale of the property.
An owelty of partition (the difference which is paid or secured by one owner to another when a partition is unequally divided).A debt secured by a portion or all of the purchase money of the homestead (first mortgage).
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