Rules & Regulations of the State of Tennessee
Title 0770 - Housing Development
Chapter 0770-04-02 - Homeownership Program
Section 0770-04-02-.07 - MORTGAGE TERMS

Universal Citation: TN Comp Rules and Regs 0770-04-02-.07

Current through April 3, 2024

(1) Interest rate. The combined interest rate shall not be less than 3% nor more than 1% below the interest rate on the current THDA single family financing.

(2) Maturity. Each mortgage will be scheduled for repayment with the shortest period consistent with the ability of the borrower to pay the required principal and interest on the mortgage and other attendant expenses, but in no case shall it have a maturity which is greater than 30 years. In addition, no mortgage shall have a maturity in excess of ninety percent of the estimated remaining economic life of the property.

(3) Payments. The mortgage shall provide that payments will be due on the first of each month. Payments to principal shall commence on the first day of the second month following the date of settlement of the mortgage loan.

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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