1980.346—Other eligibility criteria.
The applicant must:
(a)
Be a person who does not own a dwelling in the local commuting area or owns a dwelling which is not structurally sound, functionally adequate;
(b)
Be without sufficient resources to provide the necessary housing and be unable to secure the necessary conventional credit without an RHS guarantee upon terms and conditions which the applicant could reasonably be expected to fulfill.
(c)
Be a natural person (individual) who resides as a citizen in any of the 50 States, the Commonwealth of Puerto Rico, the U.S. Virgin Islands, Guam, American Samoa, the Commonwealth of the Northern Marianas, Federated States of Micronesia, and the Republics of the Marshall Islands and Palau, or a noncitizen who resides in one of the foregoing areas after being legally admitted to the U.S. for permanent residence or on indefinite parole.
(d)
Possess legal capacity to incur the loan obligation and have reached the legal age of majority in the state or have had the disability of minority removed by court action.
(e)
Have the potential ability to personally occupy the home on a permanent basis. Because of the probability of their moving after graduation, full-time students will not be granted loans unless:
(1)
The applicant intends to make the home his or her permanent residence and there are reasonable prospects that employment will be available in the area after graduation, and
(2)
An adult member of the household will be available to make inspections if the home is being constructed.