[§201H-162]  Qualifications for downpaymentloans.  (a)  No person shall be qualified for a downpayment loan unless theperson:

(1)  Is a citizen of the United States or a residentalien;

(2)  Is at least eighteen years of age;

(3)  Is a bona fide resident of the State;

(4)  Will physically reside in the residentialproperty to be purchased for the term of the loan;

(5)  Is accepted by a mortgage lender as a person towhom it is willing to lend money for the purchase of the residential propertyprovided the required downpayment is made; and

(6)  Provides a portion of the downpayment which shallbe equal to at least three per cent of the sales price.

(b)  No person who owns in fee simple or inleasehold any other residential property within the State shall be eligible tobecome a borrower under this section.  A person shall be deemed to own aresidential property if the person, the person's spouse, or both (unlessseparated and living apart under a decree of a court of competent jurisdiction)own a majority interest in a residential property. [L 2006, c 180, pt of §4]