Sec. 05.06.08.03. Eligible Property

Latest version.

A property financed by mortgage loans insured by the Fund shall:

A. Be a residential property or type of property permitted under the Act;

B. Have clear and merchantable title acceptable to the Fund;

C. Conform to all applicable federal, State, and local building, zoning, environmental, health, and housing codes;

D. Be insured with hazard insurance issued by a company that is approved by the State Insurance Commissioner and, when applicable, flood insurance;

E. Have an appraised value that is satisfactory to the Fund; and

F. Meet any other standards of the Fund.

                    
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