Nev. Admin. Code § 319.565 - "Eligible residence" defined

"Eligible residence" means a residence that:

1. Is a single-family residence constructed after 1978;

2. Meets the criteria for a principal residence set forth in 26 C.F.R. § 6a.103 A- 2(d)(3);

3. Has a value that does not exceed the area median purchase price;

4. Has not been occupied by a tenant, other than the eligible applicant, during the 6 months immediately preceding the date on which the eligible applicant applied for the deferred mortgage loan;

5. Meets the criteria for underwriting applied by the Federal Housing Administration or the Department of Veterans Affairs, depending on which entity insures or guarantees the mortgage loan; and

6. Is not located in a designated runway clear zone or clear zone, as defined in 24 C.F.R. § 51.301(d).

Notes

Nev. Admin. Code § 319.565

Added to NAC by Housing Div. by R136-03, eff. 11-26-2003

NRS 319.140, 319.145, 319.210