0770-04-02-.03
Eligible Properties
Cite as Tenn. Comp. R. & Regs. 0770-04-02-.03
(1)
In order to be subject to a mortgage made to secure a loan under this program, a home must meet the following
requirements:
(a)
Be located in the State of Tennessee.
(b)
Be situated on real estate held or to be held by the mortgagor in fee simple or under an eligible leasehold
interest.
HOMEOWNERSHIP PROGRAM
CHAPTER 0770—4—2
(c)
Be structurally sound and functionally adequate and comply with the property standards established by the
Agency and when applicable, the qualified insurer, and meet all controlling minimum building and housing
codes.
(d)
Be designed principally for residential use and located in an area consistent with such use.
(e)
Be appraised pursuant to rule 0770—4—2—.09 of these regulations.