Rules & Regulations of the State of Tennessee
Title 0770 - Housing Development
Chapter 0770-01-02 - Homeownership Loan Program
Section 0770-01-02-.05 - ELIGIBLE PROPERTIES
Universal Citation: TN Comp Rules and Regs 0770-01-02-.05
Current through September 24, 2024
(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) Sale prices will be
established by the Board subject to the approval of the Bond of Finance
Committee and shall be set so that at the current Agency mortgage rate, monthly
mortgage principal, interest, taxes and insurance will not exceed 25% of the
maximum income limit for a given area, up to the limits established by the
federal sales price maximums allowed.
(d) 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.
(e) Be
designed principally for residential use and located in an area consistent with
such use.
(f) Be appraised pursuant
to Rule 0770-1-2-.11 of these regulations.
Authority: T.C.A. § 13-23-115(18).
Disclaimer: These regulations may not be the most recent version. Tennessee may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google
Privacy Policy and
Terms of Service apply.
