Tenn. Comp. R. & Regs. 0770-04-02-.02 - ELIGIBLE MORTGAGORS

(1) To be eligible for a home mortgage from the Revolving Loan Fund, each applicant must meet all of the following requirements:

(a) Be a resident of the state on the date of application and be a low and moderate income citizen.

(b) Be a purchaser who will use the home to be purchased for personal or family residence.

(c) Have a gross annual household income of such amount that the applicant may not reasonable secure a mortgage at existing THDA rates.

(d) Have gross assets of such amount that the applicant may reasonably be considered a person of low and moderate income as contemplated in the Act;

(e) Possess the legal capacity to incur the obligations of the loan.

(f) Be able to qualify for a underlying mortgage.

Notes

Tenn. Comp. R. & Regs. 0770-04-02-.02

Original rule filed June 25, 1986; effective July 25, 1986.

Authority: Public Acts of 1986, Chapter 510.