15 AAC 151.130. Assumption requirements

Section 103A(j) of the Internal Revenue Code of 1954, as amended, and Section 143(i)(2) of the Internal Revenue Code oaf 1986, as amended, provide that a mortgage loan financed under either of these sections of the Code may only be assumed by a borrower that meets the income (with respect to Section 143 only) and non-prior ownership requirements of Sections 103A or 143, as applicable, and the property meets the residence and purchase price requirements of Sections 103A or 143, as applicable, at the time of assumption as if the property were being purchased for the first time under Sections 103A or 143, as applicable.

History: Eff. 5/7/93, Register 130

Authority: AS 18.56.088

AS 18.56.098

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