1. (1) To be eligible for a home mortgage from the Revolving Loan Fund, each applicant must meet all of the following requirements:

   1. (a) Be a resident of the state on the date of application and be a low and moderate income citizen.
   2. (b) Be a purchaser who will use the home to be purchased for personal or family residence.
   3. (c) Have a gross annual household income of such amount that the applicant may not reasonable secure a mortgage at existing THDA rates.
   4. (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;
   5. (e) Possess the legal capacity to incur the obligations of the loan.
   6. (f) Be able to qualify for a underlying mortgage.

Authority: Public Acts of 1986, Chapter 510. Administrative History: Original rule filed June 25, 1986; effective July 25, 1986.