1. (a) Occupancy requirement. The first-time homebuyer must occupy the home within 60 days after the date of closing as required in the Affidavit of Eligible Borrower.
2. (b) Prohibited uses. First-time homebuyers may not use the property, or any part thereof, as an investment property, rental property, vacation or second home, or recreational home.
3. (c) Use for a business. First-time homebuyers may not use more than 15% of the residence in a trade or business (including childcare services) on a regular basis for compensation. If the residence is to be used, in part, for a trade or business, a schematic drawing from an appraiser must be provided.

Source Note:The provisions of this §7.6 adopted to be effective December 2, 2007, 32 TexReg 8436.