24 NCAC 01D .0201. ELIGIBLE BORROWER

To be eligible for a mortgage loan, under the forward commitment segment of the program, each applicant must meet all of the following requirements:

(1)           be a person or family of lower income as defined in this Subchapter;

(2)           intend to use the home to be purchased for his primary personal or family residence;

(3)           have no previous mortgage loan in effect at the time of application.  At closing, the applicant must not be obligated on any other mortgage loan;

(4)           have not owned a home within the preceding three years;

(5)           meet all of the requirements of Section 103A of the Internal Revenue Code of 1954, as amended.

 

History Note:        Authority G.S. 122A‑5;

Eff. May 28, 1976;

Amended Eff. July 2, 1981;

Transferred from T15: 14 Eff. December 1, 1981;

Amended Eff. February 1, 1982.