Section 0770-04-02-.03 - ELIGIBLE PROPERTIES(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.Tenn. Comp. R. & Regs. 0770-04-02-.03
Original rule filed June 25, 1986; effective July 25, 1986.Authority: Public Acts of 1986, Chapter 510.