24 N.C. Admin. Code 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.
Notes
Eff. May 28, 1976;
Amended Eff. July 2, 1981;
Transferred from T15: 14 Eff. December 1, 1981;
Amended Eff. February 1, 1982;
Pursuant to G.S. 150B-21.3A, rule is necessary without substantive public interest Eff. September 23, 2017.
Eff. May 28, 1976;
Amended Eff. July 2, 1981;
Transferred from T15: 14 Eff. December 1, 1981;
Amended Eff. February 1, 1982.
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