Texas Government Code 2306.1073 – Administration of Program; Rules
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(a) The department shall administer the program.
(b) The board shall adopt rules governing:
(1) the administration of the program;
(2) the making of loans under the program;
(3) the criteria for approving participating mortgage lenders;
(4) the use of insurance on the loans and the homes financed under the program, as considered appropriate by the board to provide additional security for the loans;
(5) the verification of occupancy of the home by the homebuyer as the homebuyer’s principal residence; and
(6) the terms of any contract made with any mortgage lender for processing, originating, servicing, or administering the loans.
Terms Used In Texas Government Code 2306.1073
- Contract: A legal written agreement that becomes binding when signed.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.