Current through January 8, 2025
Section 0770-04-02-.08 - APPLICATION(1)Form of Application. All loan applications shall be made upon a standard form prescribed by the Agency, and shall be submitted to an eligible Agency . If no eligible Agency exists in the applicant's county of residence, or no eligible Agency is willing to submit the applicant's application, the applicant may submit the application directly to the Agency.(2)Application fee. The applicant shall pay an application fee of $10.00 at the time of the application.(3)Required Documentation.(a) Each application must be accompanied by a statement verifying employment, and a statement of the applicant's total assets. Where the applicant head of a household is retired, a sworn statement of gross annual income for the preceding year along with a statement of the applicant's total assets shall be included. These statements will be made and sworn to upon a standard form prescribed by the Agency.(b) The originating agency shall obtain a copy of the contract of sale, specifying the property to be financed, and make inspections of the property and credit reviews which will indicate such things as the applicant's place of employment, banking relationships and trade credit. The originating agent shall also verify the necessary documents and obtain an affidavit which shall contain the following: 1. that such mortgagor will use the residence financed by the mortgage loan of the agency as his permanent and principal residence as soon as possible following delivery of the mortgage loan,2. that such mortgagor agrees not to rent the residence so purchased, and3. that the residence is located within the State of Tennessee.(c) Additional Documents. The Agency or a qualified insurer may require the applicant to provide such other documentation needed to establish the eligibility and credit worthiness of the application.Tenn. Comp. R. & Regs. 0770-04-02-.08
Original rule filed June 25, 1986; effective July 25, 1986.Authority: Public Acts of 1986, Chapter 510.