24 N.C. Admin. Code 01D .0202 - ELIGIBLE PROPERTIES
(a) In order to be
the subject of a mortgage made to secure a mortgage loan under both segments of
the program, a home must meet the following requirements:
(1) be located in the State of North
Carolina;
(2) be situated on real
estate held or to be held by the applicant in fee simple, unless the home is a
condominium unit, in which case it must be situated on real estate held, or to
be held, by the applicant in either fee simple, or in common, and managed by a
homeowners' association;
(3) a
mobile home as defined by
24 NCAC
01A .0104(22) which has not
been previously occupied;
(4) meet
all the requirements of Section 103A of the Internal Revenue Code of 1954, as
amended.
(b) For an
agency assisted mortgage loan under the forward commitment segment of this
program, the home must meet the following requirements in addition to those
located in (a) of this Rule:
(1) have a sales
price not exceeding amounts determined by the agency, including the lot and all
improvements thereon;
(2) in the
event the mortgage loan is to finance the purchase of a newly constructed home,
be constructed in accordance with all applicable building codes and standards
and be warranted by the builder as to all materials, workmanship, and
mechanicals for a minimum period of one year;
(3) be appraised by an appraiser satisfactory
to the agency.
(c)
Special Rules for Mobile Homes. In order to be the subject of a mortgage made
pursuant to this Subchapter, a mobile home must:
(1) be the subject of an appraisal indicating
the manufacturer, model, and serial number of the mobile home; and
(2) have an appraised value, including the
mobile home unit and improvements only, which exceeds 50 percent of the total
appraised value of the mobile home, improvements, and the real estate on which
the mobile home is permanently affixed.
Notes
Eff. May 28, 1976;
Amended Eff. July 2, 1981; January 31, 1980; March 22, 1979;
Transferred from T15: 14 Eff. December 1, 1981;
Temporary Amendment Eff. May 26, 1983, for a Period of 120 days to Expire on September 23, 1983;
Amended Eff. March 1, 1984; August 1, 1983;
Pursuant to G.S. 150B-21.3A, rule is necessary without substantive public interest Eff. September 23, 2017.
Authority G.S. 122A-5;
Eff. May 28, 1976;
Amended Eff. July 2, 1981; January 31, 1980; March 22, 1979;
Transferred from T15: 14 Eff. December 1, 1981;
Amended Eff. March 1, 1984; August 1, 1983.
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