; and (III) be used only to— (aa) purchase or repair a 1-family residence, including a 1-family dwelling unit in a condominium project, to serve as a principal residence of the mortgagor, as attested by the mortgagor; or (bb) purchase a principal residence of the mortgagor, as attested by the mortgagor, which is— (AA) a manufactured home to be permanently affixed to a lot that is owned by the mortgagor and titled as real property; or (BB) a manufactured home and a lot to which the home will be permanently affixed that is titled as real property. (ii) No down payment Notwithstanding any provision to the contrary in the matter following subsection (b)(2)(B) with respect to first-time homebuyers— (I) the Secretary may insure any mortgage that involves an original principal obligation (including allowable charges and fees and the premium pursuant to subparagraph (B) of this paragraph) in an amount not to exceed 100 percent of the appraised value of the property involved; and (II) the mortgagor of a mortgage described in subclause (I) shall not be required to pay any amount, in cash or its equivalent, on account of the property. (B) Mortgage insurance premium (i) Up-front premium The Secretary shall establish and collect an insurance premium in connection with mortgages insured under this subsection that is a percentage of the original insured principal obligation of the mortgage amount, which shall be collected at the time and in the manner provided under subsection (c)(2)(A), except that the premiums collected under this subparagraph— (I) may be in an amount that exceeds 3 percent of the amount of the original insured principal obligation of the mortgage