SECTION 330:25-3-1. Eligible mortgagor  


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  •   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.