Texas Administrative Code
Title 10 - COMMUNITY DEVELOPMENT
Part 1 - TEXAS DEPARTMENT OF HOUSING AND COMMUNITY AFFAIRS
Chapter 27 - TEXAS FIRST TIME HOMEBUYER PROGRAM RULE
Section 27.6 - Criteria for Approving Participating Mortgage Lenders
Universal Citation: 10 TX Admin Code ยง 27.6
Current through Reg. 49, No. 38; September 20, 2024
(a) To be approved by the Department for participation in the program, a Mortgage Lender must meet the requirements in the Participation Packet to be a qualified Mortgage Lender as specified by:
(1) FHA;
(2) RHS;
(3) VA; or
(4) be a lender currently participating in
the conventional home lending market for loans originated in accordance with
Fannie Mae's and/or Freddie Mac's requirements.
(b) As a condition for participation in the Program, a qualified Mortgage Lender must:
(1)
agree to originate Mortgage Loans and assign those loans and related Mortgages
and servicing to the Department's master servicer;
(2) originate, process, underwrite, close and
fund originated loans; and
(3) be
an approved Mortgage Lender with the Program's master servicer.
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