ELIGIBLE BORROWERS

Subpart 1. Interest in property. A borrower shall individually or in the aggregate possess at least a one-third interest in a fee title, a contract for deed, or a life estate in the property to be improved. For manufactured or factory made housing taxed as personal property or not permanently affixed to real property, a borrower must individually or in the aggregate have a 100 percent interest in the title to the housing to be improved. Subp. 2. Credit review. A borrower shall be a reasonable credit risk, and shall be able to pay the loan obligation, as determined by the agency under part 4900.0080 , or by a lending institution that originates a loan for sale to the agency. Subp. 3. Principal place of residence. A borrower shall occupy the property to be improved as his or her principal place of residence.