Texas Administrative Code
Title 40 - SOCIAL SERVICES AND ASSISTANCE
Part 5 - TEXAS VETERANS LAND BOARD
Chapter 177 - VETERANS HOUSING ASSISTANCE PROGRAM
Section 177.10 - Loan Security
Current through Reg. 49, No. 12; March 22, 2024
(a) An approved loan must be secured by a mortgage, deed of trust, or other lien on the home prior to any disbursement of funds to the participating lending institution by the board. All paperwork associated with the note and lien shall be deposited for safekeeping with the administrator.
(b) The security for the board's loan will be provided by:
(c) When the board has determined that a transaction under this program has been completed and the board's loan is secured as provided in subsections (a) and (b) of this section, the board shall disburse funds to the participating lending institution for the board's portion of the mortgage.
(d) The board may establish a master policy for group insurance which will be made available to all purchasers under this program for payment of the outstanding principal balance of the board's portion of the loan upon the death of the borrower.