Minnesota Administrative Rules
This is an historical version of this rule part. Also view the current version.
4900.0603 ELIGIBLE BORROWERS.
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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.
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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
Official Publication of the State of Minnesota
Revisor of Statutes