24 NCAC 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.