Proceeds from tax-exempt bonds may not be used to issue MCC and is prohibited from use with a mortgage loan financed through the Single Family Bond Program. All applications for and all Qualified Mortgage Loans are processed by the Participating Lenders in accordance with the Participating Lenders’ standard underwriting criteria and additional criteria which may be imposed by FHA, VA, FannieMae, Freddie Mac, RD or other parties insuring and guaranteeing the Qualified Mortgage Loans. All closed Qualified Mortgage Loans shall be presented to the trustee or to the Qualified Lending Institution issuing obligations secured by the Qualified Mortgage Loans for purchase of the Qualified Mortgage Loans or obligations pursuant to the program documents.
Rulemaking Authority Florida Statutes § 420.507(12). Law Implemented 420.507, 420.508 FS. History-New 4-15-87, Formerly 9I-25.011, Amended 12-16-03, 2-2-05.