Section 39 Home Ownership and Equity Protection Act of 1994
| Library | Home Purchases, Ownership, and Financing 2011 |
Another federal law that protects home buyers and homeowners is HOEPA. To trigger HOEPA on purchase money residential loans, the APR at the consummation of the loan must exceed by more than eight percentage points the yield of Treasury securities with a comparable maturity. If the loan is a closed-end home equity loan, the total points and fees payable by the consumer must exceed
the greater of ten percent or $569 to trigger HOEPA. HOEPA does not apply to reverse mortgages...
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