Sec. 20. Qualifying for loan.
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/il/chapter-310/act-115/20A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 20. Qualifying for loan. In order to qualify for a loan under this Act, all of the following criteria must be met:
(1)The borrower must qualify as a teacher.
(2)The borrower's gross household income must not exceed 125% of the area median
income, as defined by the U.S. Department of Housing and Urban Development.
(3)The residence financed under this Act must be continuously occupied by the borrower
as his or her principal residence for at least 5 years following the recordation of the deed of trust securing the subordinate mortgage loan. If the borrower fails to meet this condition, the principal and accrued interest of the loan is immediately due and payable.
(4)The residence being financed must be a single-family residence, condominium, or
manufactured home located within the boundaries of the school district that employs the borrower.