Rules & Regulations of the State of Tennessee
Title 0770 - Housing Development
Chapter 0770-04-02 - Homeownership Program
Section 0770-04-02-.02 - ELIGIBLE MORTGAGORS
Universal Citation: TN Comp Rules and Regs 0770-04-02-.02
Current through September 24, 2024
(1) To be eligible for a home mortgage from the Revolving Loan Fund, each applicant must meet all of the following requirements:
(a) Be a
resident of the state on the date of application and be a low and moderate
income citizen.
(b) Be a purchaser
who will use the home to be purchased for personal or family
residence.
(c) Have a gross annual
household income of such amount that the applicant may not reasonable secure a
mortgage at existing THDA rates.
(d) Have gross assets of such amount that the
applicant may reasonably be considered a person of low and moderate income as
contemplated in the Act;
(e)
Possess the legal capacity to incur the obligations of the loan.
(f) Be able to qualify for a underlying
mortgage.
Authority: Public Acts of 1986, Chapter 510.
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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