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