Section 15.152.010. Borrower eligibility.

The Corporation will, in its discretion, originate or purchase all or part of a loan under AS 18.56.420 if the requirements of AS 18.56.400 - 18.56.600 and 15 AAC 152.010(b) - 15 AAC 152.170 are met, and if the borrower:  
		(1) is either an Alaska resident who is at least 18 years of age or emancipated or is a business or local governmental entity, or a regional educational attendance area; and  
		(2) can demonstrate, to the satisfaction of the Corporation, the ability to repay the loan. A borrower is eligible to have only one first lien mortgage loan at a time for owner-occupied housing.  

Authorities

18.56.088;18.56.400;18.56.420;18.56.440;18.56.580

Notes

Reference

15 AAC 152.010
15 AAC 152.020
15 AAC 152.045
15 AAC 152.050
15 AAC 152.070

Authority

AS 18.56.088 AS 18.56.400 AS 18.56.420 AS 18.56.440 AS 18.56.580

History

Eff. 5/7/93, Register 130; am 9/28/95, Register 136; am 9/25/2002, Register 164; am 8/20/2003, Register 169; am 08/13/2004, Register 178