Tenn. Comp. R. & Regs. 0770-04-02-.03 - ELIGIBLE PROPERTIES
(1) In order to be
subject to a mortgage made to secure a loan under this program, a home must
meet the following requirements:
(a) Be
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
interest.
(c) 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.
(d) Be designed principally for residential
use and located in an area consistent with such use.
(e) Be appraised pursuant to rule
0770-4-2-.09 of these regulations.
Notes
Authority: Public Acts of 1986, Chapter 510.
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