Code of Maine Rules
99 - INDEPENDENT AGENCIES
346 - MAINE STATE HOUSING AUTHORITY
Chapter 1 - HOME MORTGAGE PROGRAM RULE
Section 346-1-4 - Eligible Residence
Current through 2024-13, March 27, 2024
A. Included Residences. The following may qualify as an Eligible Residence:
B. Quality Standards.An Eligible Residence must be located in the State of Maine; be structurally and functionally sound; comply with all applicable zoning, building and health codes and similar requirements; meet applicable private mortgage insurance, federal mortgage insurance or guaranty program requirements; and satisfy prudent lending standards.
C. Use. A residence intended to be used in a trade or business (other than the rental of units not occupied by the Mortgagor in a 2 to 4 unit residence) is not an Eligible Residence unless otherwise permitted by MaineHousing in accordance with § 143 of the Internal Revenue Code. A residence used as an investment property or a vacation home is not an Eligible Residence.
D. Owner Occupancy. At the time the Mortgage Loan closes, the residence must reasonably be expected to become the principal residence of the Mortgagor within a reasonable time after the financing is provided.