Tenn. Comp. R. & Regs. 0770-04-02-.06 - MORTGAGOR'S MINIMUM INVESTMENT
(1) At the time the
mortgage loan is made, the mortgagor or the seller shall have paid on the
account of the home, the difference between the total cost of acquisition and
the amount of the mortgage loan in cash or its equivalent.
(2) The total cost of acquisition shall
include the purchase price of the home, all settlement costs, including initial
payments for taxes, property insurance, closing costs and other prepaid
expenses and such other charges and fees as are approved by the
Agency.
Notes
Authority: Public Acts of 1986, Chapter 510.
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