Minnesota Administrative Rules
Agency 148 - Housing Finance Agency
Chapter 4900 - HOUSING LOANS AND GRANTS
HOME ENERGY LOANS
Part 4900.0591 - ELIGIBLE BORROWERS

Universal Citation: MN Rules 4900.0591

Current through Register Vol. 48, No. 39, March 25, 2024

Subpart 1. Interest in property.

A borrower shall individually or in the aggregate possess at least a one-third interest in a fee title, a contract for deed, or a life estate in the property to be improved.

For manufactured or factory made housing taxed as personal property or not permanently affixed to real property, a borrower must individually or in the aggregate have a 100 percent interest in the title to the housing to be improved.

Subp. 2. Credit review.

A borrower shall be a reasonable credit risk, and shall be able to pay the loan obligation, as determined by the agency under part 4900.0080, or by a lending institution that originates a loan for sale to the agency.

Subp. 3. Principal place of residence.

A borrower shall occupy the property to be improved as his or her principal place of residence.

Statutory Authority: MS s 462A.06

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