Minnesota Administrative Rules

4900.0603 ELIGIBLE BORROWERS.

Subpart 1.

Interest in property.

An eligible borrower shall, individually or in the aggregate, possess at least a one-third interest in either a fee title, a contract for deed, or a life estate in the property and the structure located thereon.

Subp. 2.

Credit review.

An eligible borrower shall be a reasonable credit risk, and shall be able to pay the loan obligation, as determined by the lender that originates a loan to be insured under the energy improvement loan insurance program and as determined by the agency.

Statutory Authority:

MS s 462A.06

History:

9 SR 694

Published Electronically:

June 11, 2008