Tenn. Comp. R. & Regs. 0770-01-02-.14 - TRANSFER OF PROPERTY

Any property mortgaged to the Agency may be transferred.

However, except when prohibited by law or regulation of the mortgage insurer or guarantor, if the transferee is not a person of low or moderate income, otherwise fails to qualify under the requirements set forth in these regulations , upon the transfer of the property, the rate of interest on the mortgage loan will be adjusted to the maximum interest rate

permitted on Veteran's Administration or F.H.A. §203 (b) mortgage loans at the time the original promissory note was executed, whichever rate is lower.

Notes

Tenn. Comp. R. & Regs. 0770-01-02-.14
Original rule filed July 24, 1974; effective August 23, 1974. Amendment filed March 4, 1975; effective April 3, 1975.

Authority: T.C.A. § 13-23-115(18).

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