40 Tex. Admin. Code § 175.53 - Eligibility and Description of Land
(a)
The board shall only make, or purchase, loans under this subchapter that are
secured by tracts of land that meet all the requirements of §175.3,
relating to Land Selection, of this chapter.
(b) For every loan made under this
subchapter, the board must be furnished a survey and legal description for its
review that satisfies all the requirements set forth in §175.4, relating
to Land Description, of this chapter.
(c) For every loan made under this
subchapter, the board must be furnished an appraisal that conforms to the
requirements of §175.5, relating to Appraisal of Land, of this
chapter.
(d) Notwithstanding the
provisions of subsections (b) and (c) to the contrary, the board may, by
resolution, establish requirements and specifications for surveys and
appraisals that conform to the prudent lending practices prevalent in the
mortgage lending industry.
Notes
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