La. Admin. Code tit. 16 § II-805

Current through Register Vol. 50, No. 11, November 20, 2024

Section II-805 - Eligible Borrowers

A. Borrowers will be determined to be eligible to participate in the LHC MCC Program if they meet the following criteria.

1. The borrower is a first time home buyer or has not owned a principal residence in the past three years, or is purchasing in a targeted area.

2. Household annual income does not exceed established income limits.

3. Borrower will occupy the property as his or her primary residence.

4. Borrower is using a fixed rate, 30-year mortgage that is not financed through the use of a mortgage revenue bond.

La. Admin. Code tit. 16, § II-805

Promulgated by the Department of the Treasury, Louisiana Housing Corporation, LR 41:1773 (September 2015).

AUTHORITY NOTE: Promulgated in accordance with R.S. 40:600.86 et seq.