Eligible borrowers include the owner of the property to be improved, the person leasing the property (provided that the lease will extend at least 6 months beyond the date when the loan must be repaid), or someone purchasing the property under a land installment contract.
If the loan is over $15,000 and the property is not owner-occupied, the borrower must have equity in the property equal to the loan amount.
Any loan over $7,500 must be secured by a mortgage or deed of trust on the property.
