LIS

Virginia Law

Administrative Code

Table of Contents » Title 13. Housing » Agency 10. Virginia Housing Development Authority » Chapter 190. Rules and Regulations for Qualified Mortgage Credit Certificate Programs » 13VAC10-190-70. Eligible loans.

Creating a Report: Check the sections you'd like to appear in the report, then use the "Create Report" button at the bottom of the page to generate your report. Once the report is generated you'll then have the option to download it as a pdf, print or email the report.

Virginia Administrative Code
Title 13. Housing
Agency 10. Virginia Housing Development Authority
Chapter 190. Rules and Regulations for Qualified Mortgage Credit Certificate Programs

11/21/2024

13VAC10-190-70. Eligible loans.

The authority may issue an MCC to an applicant only if his application for the MCC is based upon a loan that:

1. Is not funded in whole or in part from the proceeds of a qualified mortgage bond or a qualified veteran's mortgage bond,

2. Is incurred by the applicant to acquire his principal residence,

3. Is not being assumed from another borrower,

4. Is not a refinancing of other indebtedness of the applicant, except in the case of construction period loans, bridge loans, or similar temporary financing that has a term of 24 months or less,

5. Is not a qualified home improvement loan or a qualified rehabilitation loan, and

6. Otherwise satisfies the requirements of 26 CFR 1.25-2T(c)(1).

Statutory Authority

§ 36-55.30:3 of the Code of Virginia.Derived from Virginia Register Volume 31, Issue 9, eff. January 1, 2015; amended, Virginia Register Volume 35, Issue 14, eff. March 4, 2019.

Website addresses provided in the Virginia Administrative Code to documents incorporated by reference are for the reader's convenience only, may not necessarily be active or current, and should not be relied upon. To ensure the information incorporated by reference is accurate, the reader is encouraged to use the source document described in the regulation.

As a service to the public, the Virginia Administrative Code is provided online by the Virginia General Assembly. We are unable to answer legal questions or respond to requests for legal advice, including application of law to specific fact. To understand and protect your legal rights, you should consult an attorney.