SECTION 177.5. Loan Eligibility Requirements

(a) The Board shall be the final authority in defining and interpreting all eligibility requirements, and whether an applicant has actually satisfied those requirements. The Board may by resolution prescribe the procedures and forms to be used by applicants.

(b) For purposes of this program a veteran is a person who satisfies the requirements of Title 40, Part 5, Chapter 175, §175.2(c)(1) of the Texas Administrative Code relating to Loan Eligibility Requirements, as amended from time-to-time. The unmarried surviving spouse of a veteran shall be eligible to participate in this program if he or she satisfies the requirements of Title 40, Part 5, Chapter 175, §175.2(c)(2) relating to Loan Eligibility Requirements, as amended from time-to-time.

(c) A veteran may be able to obtain more than one housing assistance loan under this chapter, provided that all previous Veterans Housing Assistance Program loans have been repaid in full and that only one home may be financed by a veteran at any time. However, for purposes of this chapter, an eligible veteran may obtain both a purchase money loan and a home improvement loan under the Veterans Housing Assistance Program. An eligible veteran may also receive a loan under the land program.

(d) If both a husband and wife are individually eligible to participate in the program, nothing herein shall be construed to prohibit them from applying for a loan to jointly purchase the same home. The Board may make a loan for the purchase of the same home by two veterans who are husband and wife, but only in the event that both spouses together satisfy the loan qualification requirements of the participating lending institution. The total amount of this loan shall not exceed the maximum amount allowable for a home mortgage loan through the United States Department of Veterans Affairs or any successor agency.

Source Note: The provisions of this §177.5 adopted to be effective May 4, 1984, 9 TexReg 2263; amended to be effective November 10, 1986, 11 TexReg 4487; amended to be effective June 11, 1990, 15 TexReg 2917; amended to be effective December 10, 1993, 18 TexReg 8797; amended to be effective February 3, 1995, 20 TexReg 355; amended to be effective August 24, 1999, 24 TexReg 6517; amended to be effective October 22, 2000, 25 TexReg 10375; amended to be effective April 12, 2001, 26 TexReg 2752; amended to be effective November 23, 2003, 28 TexReg 10254