99- 346 C.M.R. ch. 1, § 4 - Eligible Residence
A.
Included
Residences. The following may qualify as an Eligible Residence:
(1) A conventional single family
residence.
(2) A unit in a
condominium established in compliance with the Unit Ownership
Act,
33 M.R.S.A.
§560, et seq. or the
Maine Condominium Act
33 M.R.S.A.
§1601-101, et
seq.
(3) A single
residential structure containing two, three or four dwelling units, one of
which will be occupied by the Mortgagor and which was first occupied as a
residence at least five years before the date of the Mortgage.
(4) Multiple detached units on a single
continuous parcel of land provided:
(a) all
units have been used as residences for more than five years; and
(b) the land on which the units are located
cannot be subdivided; or if the land can be subdivided, the Mortgagor shall
treat the units as one building and shall attach the units with a permanent
connection financed with the Mortgagor's own funds.
(5) A tenant-shareholder's interest in a
cooperative housing corporation.
(6) Mobile Home in compliance with Section
13. A. of this rule.
(7) Qualified Rehabilitation.
(8) A New Home with a builder's warranty that
the home is of good quality, free from faults or defects, and fit for use as a
home; and the builder's agreement to promptly correct any defects discovered
within one year of purchase.
B.
Quality Standards.An Eligible
Residence must be located in the State of Maine; be structurally and
functionally sound; comply with all applicable zoning, building and health
codes and similar requirements; meet applicable private mortgage insurance,
federal mortgage insurance or guaranty program requirements; and satisfy
prudent lending standards.
C.
Use. A residence intended to be used in a trade or business (other
than the rental of units not occupied by the Mortgagor in a 2 to 4 unit
residence) is not an Eligible Residence unless otherwise permitted by
MaineHousing in accordance with § 143 of the Internal Revenue
Code. A residence used as an investment property or a vacation home is
not an Eligible Residence.
D.
Owner Occupancy. At the time the Mortgage Loan closes, the
residence must reasonably be expected to become the principal residence of the
Mortgagor within a reasonable time after the financing is
provided.
Notes
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