SECTION 330:25-3-1. Eligible mortgagor

Latest version.

  Any potential applicant-mortgagor shall be subject to the following criteria:
(1)   Non-targeted areas: At all times, at least ninety-five percent (95%) in aggregate amount of the mortgage loans originated in Non-target areas must be to mortgagors who have not owned a home within the last three (3) preceding years. ("Three Year Ownership Rule")
(2)   Target areas: Mortgagor may have owned a home within the last three (3) preceding years.
(3)   Acquisition cost and maximum income limits must not exceed the limits as listed in 330:25-5-2.
(4)   Loan qualification (underwriting criteria) at least equal to those of GNMA and/or Fannie Mae. All mortgage loans must be insured by FHA or guaranteed by VA.

                    
                        var val = document.getElementById('citecontent').innerHTML;
                        art.dialog.defaults.title = window.location.href;
                        art.dialog.data('cite', val);
                        art.dialog.data('homeDemoPath', '/Scripts/plus/artDialog/');
                        art.dialog.open('/Scripts/plus/artDialog/citeiframe.html');