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TITLE 10COMMUNITY DEVELOPMENT
PART 1TEXAS DEPARTMENT OF HOUSING AND COMMUNITY AFFAIRS
CHAPTER 28TAXABLE MORTGAGE PROGRAM
RULE §28.4Restrictions on Residences Financed and Applicant

(a) Type of Residence and Number of Units. To be eligible for assistance under the Program an Applicant must apply with respect to a home that is either a new or existing single family home, new or existing condominium or town home, or manufactured housing that has been converted to real property in accordance with the Texas Occupations Code, Chapter 1201 or FHA guidelines as required by the Department. A duplex may be financed under the Program as long as one unit of the duplex is occupied by the Applicant as his or her Residence and the duplex was first occupied for residential purposes at least five years prior to the closing of the mortgage loan.

(b) Location of Residence. The Residence being financed must be located in Texas.

(c) Homebuyer Education. Each Applicant must complete a Department approved pre-purchase homebuyer education course.

(d) Income Limits. Applicants applying for a mortgage loan must meet Applicable Median Family Income requirements.

(e) Down Payment Assistance. All Applicants meeting the Income Limit requirements in subsection (d) of this section above may qualify for down payment and closing cost assistance in connection with the mortgage loan on a first come, first served basis, subject to availability of funds.


Source Note: The provisions of this §28.4 adopted to be effective October 30, 2012, 37 TexReg 8504

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