24 N.C. Admin. Code 1D.0201

Current through Register Vol. 39, No. 11, December 2, 2024

Section 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.

24 N.C. Admin. Code 01D .0201

Authority G.S. 122A-5;
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.

Authority G.S. 122A-5;
Eff. May 28, 1976;
Amended Eff. July 2, 1981;
Transferred from T15: 14 Eff. December 1, 1981;
Amended Eff. February 1, 1982.