(a) Occupancy requirement. The Applicant must occupy
the home within sixty (60) days after the date of closing as his or
her Residence. Borrower's receiving down payment assistance must repay
the amount of assistance whenever they sell the property.
(b) Prohibited uses. Applicants may not use the property,
or any part thereof, as an investment property, rental property, vacation
or second home, or recreational home.
(c) Use for a business. Applicants may not use more
than 15 percent of the residence in a trade or business (including
childcare services) on a regular basis for compensation. If the residence
is to be used, in part, for a trade or business, a schematic drawing
from an appraiser must be provided.
Source Note: The provisions of this §27.5 adopted to be effective October 30, 2012, 37 TexReg 8503