[§201H-162] Qualifications for downpayment loans. (a) No person shall be qualified for a downpayment loan unless the person:
(1) Is a citizen of the United States or a resident alien;
(2) Is at least eighteen years of age;
(3) Is a bona fide resident of the State;
(4) Will physically reside in the residential property to be purchased for the term of the loan;
(5) Is accepted by a mortgage lender as a person to whom it is willing to lend money for the purchase of the residential property provided the required downpayment is made; and
(6) Provides a portion of the downpayment which shall be equal to at least three per cent of the sales price.
(b) No person who owns in fee simple or in leasehold any other residential property within the State shall be eligible to become a borrower under this section. A person shall be deemed to own a residential property if the person, the person's spouse, or both (unless separated and living apart under a decree of a court of competent jurisdiction) own a majority interest in a residential property. [L 2006, c 180, pt of §4]
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