40 Tex. Admin. Code § 177.5 - Loan Eligibility Requirements
(a) The Board
shall be the final authority in defining and interpreting all eligibility
requirements, and whether an applicant has actually satisfied those
requirements. The Board may by resolution prescribe the procedures and forms to
be used by applicants.
(b) For
purposes of this program a veteran is a person who satisfies the requirements
of Title 40, Part 5, Chapter 175, §175.2(c)(1) of the Texas Administrative
Code relating to Loan Eligibility Requirements, as amended from time-to-time.
The unmarried surviving spouse of a veteran shall be eligible to participate in
this program if he or she satisfies the requirements of Title 40, Part 5,
Chapter 175, §175.2(c)(2) relating to Loan Eligibility Requirements, as
amended from time-to-time.
(c) A
veteran may be able to obtain more than one housing assistance loan under this
chapter, provided that all previous Veterans Housing Assistance Program loans
have been repaid in full and that only one home may be financed by a veteran at
any time. However, for purposes of this chapter, an eligible veteran may obtain
both a purchase money loan and a home improvement loan under the Veterans
Housing Assistance Program. An eligible veteran may also receive a loan under
the land program.
(d) If both a
husband and wife are individually eligible to participate in the program,
nothing herein shall be construed to prohibit them from applying for a loan to
jointly purchase the same home. The Board may make a loan for the purchase of
the same home by two veterans who are husband and wife, but only in the event
that both spouses together satisfy the loan qualification requirements of the
participating lending institution. The total amount of this loan shall not
exceed the maximum amount allowable for a home mortgage loan through the United
States Department of Veterans Affairs or any successor agency.
Notes
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