- (a) The Board shall be the final authority in defining and interpreting all eligibility requirements, and whether a prospective borrower has actually satisfied those requirements. The Board may by resolution prescribe the procedures and forms to be used in mortgage loan transactions.
- (b) A person is eligible to apply for a loan under the provisions of this subchapter if he or she satisfies the requirements of §175.2(c), relating to Loan Eligibility Requirements.
- (c) A person may only have one loan at a time as a veteran. However, once that loan is paid in full he or she may apply for an additional loan as a veteran. The foregoing notwithstanding, an individual who is currently participating in the program as a veteran may assume a loan, or take an assignment of a contract of sale as a non-veteran and may bid on a tract or tracts at a forfeited land sale as a non-veteran.
Source Note:The provisions of this §175.52 adopted to be effective January 8, 2002, 27 TexReg 286.