Rules & Regulations of the State of Tennessee
Title 0770 - Housing Development
Chapter 0770-04-02 - Homeownership Program
Section 0770-04-02-.08 - APPLICATION
Universal Citation: TN Comp Rules and Regs 0770-04-02-.08
Current through September 24, 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 Agency . If no eligible Agency exists in the applicant's county of residence, or no eligible Agency 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 the application.
(3) Required Documentation.
(a) Each application must be accompanied by a
statement verifying employment, 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 necessary documents and obtain an
affidavit 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.
(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 application.
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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