- 1. Is not funded in whole or in part from the proceeds of a qualified mortgage bond or a qualified veteran's mortgage bond,
- 2. Is incurred by the applicant to acquire his principal residence,
- 3. Is not being assumed from another borrower,
- 4. Is not a refinancing of other indebtedness of the applicant, except in the case of construction period loans, bridge loans, or similar temporary financing that has a term of 24 months or less,
- 5. Is not a qualified home improvement loan or a qualified rehabilitation loan, and
- 6. Otherwise satisfies the requirements of 26 CFR 1.25-2T(c)(1).
The authority may issue an MCC to an applicant only if his application for the MCC is based upon a loan that:
Statutory Authority
§ 36-55.30:3 of the Code of Virginia.Derived from Virginia Register Volume 31, Issue 9, eff. January 1, 2015; amended, Virginia Register Volume 35, Issue 14, eff. March 4, 2019.