Section 70. Eligible loans

Latest version.

The authority may issue an MCC to an individual 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 as defined in IRC § 143,

2. Is incurred by the applicant to acquire his principal residence,

3. Is not being assumed from another borrower, and

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.

Historical Notes

Statutory Authority

§ 36-55.30:3 of the Code of Virginia.

Derived from Volume 31, Issue 09, eff. January 1, 2015.

                    
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