(1) Interest Rate.
The interest rate to be paid on all mortgage loans shall be a rate that is
established by the Agency from time to time on the basis of its costs of
borrowing, expenses of operation and reserves against losses due to
(2) Maturity. Each
mortgage will be scheduled for repayment within the shortest period consistent
with the ability of the borrower to pay the required principal and interest on
the mortgage and other attendant expenses, but in no case shall it have a
maturity which is greater than 40 years. In addition, no mortgage shall have a
maturity in excess of ninety percent of the estimated remaining economic life
of the property.
(3) Payments. The
mortgage shall provide that payments will be due on the first of each month.
Payments to principal shall commence on the first day of the second month
following the date of settlement of the mortgage loan.
Tenn. Comp. R. & Regs.
Original rule filed July
24, 1974; effective August 23, 1974. Amendment filed November 12, 1974;
effective December 12, 1974.
Authority: T.C.A. §