Rules & Regulations of the State of Tennessee
Title 0770 - Housing Development
Chapter 0770-01-02 - Homeownership Loan Program
Section 0770-01-02-.10 - APPLICATION

Universal Citation: TN Comp Rules and Regs 0770-01-02-.10

Current through December 26, 2024

(1) Form of Application. All loan applications shall be made upon a standard form prescribed by the Agency, and shall be submitted to an eligible Agent. If no eligible Agent exists in the applicant's county of residence, or no eligible Agent is willing to submit the applicant's application, the applicant may submit the application directly to the Agency.

(2) Application Fee. The applicant shall pay an application fee of $10.00 at the time of application.

(3) Required Documentation

(a) Each application must be accompanied by a statement verifying employment, a statement of gross earnings for the past calendar year from each employer, and a statement of the applicant's total assets. Where the applicant head of a household is retired, a sworn statement of gross annual income for the preceding year along with a statement of the applicant's total assets shall be included. These statements will be made and sworn to upon a standard form prescribed by the Agency.

(b) The originating agency shall obtain a copy of the contract of Sale, specifying the property to be financed, and make inspections of the property and credit reviews which will indicate such things as the applicant's place of employment, banking relationships and trade credit. The originating agent shall also verify the information contained in Rule 0770-1-2-.04(g) and obtain an affidavit which the originating agent shall also verify and which shall contain the following:
1. that such mortgagor will use the residence financed by the mortgage loan of the agency as his permanent and principal residence as soon as possible following delivery of the mortgage loan,

2. that such mortgagor agrees not to rent the residence so purchased, and

3. that the residence is located within the State of Tennessee.

All persons executing the affidavit must list the various addresses where he or she has resided during the three (3) years prior to execution of the mortgage loan, whether residing there as a tenant or as a member of a family without an ownership interest, or through some other arrangement.

The applicant shall also indicate whether he or she had any ownership interest in a principal residence pursuant to any trust, divorce decree, separation agreement or life estate under a will.

(c) Additional Documents. The Agency or a qualified insurer may require the applicant to provide such other documentation needed to establish the eligibility and credit worthiness of the applicant.

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.
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