13 Va. Admin. Code § 10-190-70

Current through Register Vol. 41, No. 8, December 2, 2024

Section 13VAC10-190-70 - Eligible loans

The authority may issue an MCC to an applicant only if his application for the MCC is based upon a loan that:

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 1.25-2 T(c)(1).

13 Va. Admin. Code § 10-190-70

Derived From Virginia Register Volume 31, Issue 09, eff. 1/1/2015; Amended, Virginia Register Volume 35, Issue 14, eff. 3/4/2019.

Statutory Authority: § 36-55.30:3 of the Code of Virginia.