Eligible Mortgagors

(1) To be eligible for a home mortgage from the Revolving Loan Fund, each applicant must meet all of the following requirements: (a) Be a resident of the state on the date of application and be a low and moderate income citizen. (b) Be a purchaser who will use the home to be purchased for personal or family residence. (c) Have a gross annual household income of such amount that the applicant may not reasonable secure a mortgage at existing THDA rates. (d) Have gross assets of such amount that the applicant may reasonably be considered a person of low and moderate income as contemplated in the Act; (e) Possess the legal capacity to incur the obligations of the loan. (f) Be able to qualify for a underlying mortgage.