Except as required to qualify for insurance or guaranty by the federal government, a residential mortgage loan may not be assigned to or assumed by a person not qualified under the appropriate Administration program if the residential mortgage loan is: (1) a new loan that the Administration purchases or in which the Administration purchases an interest; (2) a loan made with the proceeds of purchase by the Administration of a residential mortgage; or (3) a loan made with the proceeds of a loan from the Administration to a mortgage lender.
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