1. (a) CalHome Program loans to individual borrowers shall not exceed the amount published in the current NOFA or, when considered with other available financing and assistance, the minimum amount necessary:

   1. (1) in the case of first-time homebuyer mortgage assistance, to ensure affordable monthly housing costs as defined by the first mortgage lender.
   2. (2) in the case of owner-occupant rehabilitation, to fund eligible rehabilitation costs only, in accordance with program requirements.

Note: Authority cited: Sections 50406(n) and 50650.2, Health and Safety Code. Reference: Sections 50650.3(b) and 50650.7, Health and Safety Code.

History

1. New article 3 (sections 7725-7727) and section filed 9-29-2003; operative 9-29-2003 pursuant to Government Code section 11343.4 (Register 2003, No. 40).