In order to be
subject to a mortgage made to secure a loan under this program, a home must
meet the following requirements:
located in the State of Tennessee.
(b) Be situated on real estate held or to be
held by the mortgagor in fee simple or under an eligible leasehold
(c) Sale prices will be
established by the Board subject to the approval of the Bond of Finance
Committee and shall be set so that at the current Agency mortgage rate, monthly
mortgage principal, interest, taxes and insurance will not exceed 25% of the
maximum income limit for a given area, up to the limits established by the
federal sales price maximums allowed.
(d) Be structurally sound and functionally
adequate and comply with the property standards established by the Agency and
when applicable, the qualified insurer, and meet all controlling minimum
building and housing codes.
designed principally for residential use and located in an area consistent with
(f) Be appraised pursuant
to Rule 0770-1-2-.11 of these regulations.
Tenn. Comp. R. & Regs.
Original rule filed July
24, 1974; effective August 23, 1974. Amendment filed March 17, 1978; effective
April 16, 1978. Amendment filed August 15, 1979; effective September 28, 1979.
Amendment filed February 20, 1980; effective April 5, 1980. Amendment filed
December 7, 1980; effective February 11, 1981. Amendment filed April 29, 1981;
effective July 29, 1981. Amendment filed October 8, 1982; effective November 8,
1982. Amendment filed September 25, 1992; effective November 9,
Authority: T.C.A. §