12 CCR s 300.2

Cal. Admin. Code tit. 12, s 300.2

CALIFORNIA CODE OF REGULATIONS
TITLE 12. MILITARY AND VETERANS AFFAIRS
DIVISION 2. DEPARTMENT OF VETERANS' AFFAIRS
CHAPTER 2. VETERANS' FARM AND HOME PURCHASES
SUBCHAPTER 1. ELIGIBILITY AND QUALIFICATIONS
This database is current through 12/22/06, Register 2006, No. 51.
s 300.2. Eligibility Criteria For Applicants In Campaigns or
Expeditions Before and After January 1, 1977.

(a) Applicants who have served on active duty at some time prior to
January 1, 1977, and who have been released from active military service
less than 30 years from the receipt or postmark of the application, shall
be eligible for consideration for a loan funded by general obligation
bonds.

(b) Applicants whose service is after January 1, 1977, or who were
discharged from military service longer than 30 years from the receipt or
postmark of the application, shall be required to qualify for revenue bond
funding only.

(c) Applicants who qualify for both general obligation and revenue bond
funding shall be required to accept revenue bond funding.

(d) In order to qualify for a loan funded by revenue bonds, the applicant
shall be required to satisfy the following additional criteria:

(1) The applicant shall be a first-time home buyer as defined in 26
U.S.C.A. Section 143(d), or shall be purchasing a residence in a
targeted area as defined in 26 U.S.C.A. Section 143(j).

(2) The property shall have a purchase price which is within the
average area purchase price "safe harbor" limitations as defined in
26 U.S.C.A. Section 143(e)(2).

(3) The applicant shall have an income which satisfies the federal
income limitation for revenue bond funding as defined in 26 U.S.C.A.
Section 143(f).

Note: Authority cited: Section 700, Military and Veterans Code.
Reference: Title 26, United States Code Annotated, Section 143 and
Sections 980, 987.52, 987.56, 987.57 and 987.64, Military and
Veterans Code.

HISTORY

1. New section filed 12-9-91; operative 1-8-92 (Register 92, No. 9).

12 CCR s 300.2, 12 CA ADC s 300.2
1CAC

12 CA ADC s 300.2

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