(a) Type of Residence and Number of Units. To be eligible
for assistance under the program an Applicant must apply with respect
to a home that is either a new or existing single family residence,
new or existing condominium or town home, or manufactured housing
that has been converted to real property in accordance with the Texas
Occupations Code, Chapter 1201 or FHA guidelines as required by the
Department. A duplex may be financed under the Program as long as
one unit of the duplex is occupied by the Applicant as his or her
Residence and the duplex was first occupied for residential purposes
at least five (5) years prior to the closing of the mortgage loan.
(b) Location of Residence. The Residence being financed
must be located in Texas.
(c) Homebuyer Education. Each applicant must complete
a Department approved pre-purchase homebuyer education course.
(d) Income Limits. Applicants applying for a mortgage
loan must meet Applicable Median Family Income requirements.
(e) Down Payment Assistance. All Applicants meeting
the Income Limit requirement in subsection (d) of this section may
qualify for down payment and closing cost assistance in connection
with the mortgage loan on a first come, first served basis, subject
to availability of funds.


Source Note: The provisions of this §27.4 adopted to be effective October 30, 2012, 37 TexReg 8503