Illinois Code § 310 ILCS 45/9

In order to classify a mortgage as a qualified mortgage under
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this Act, the Agency must first find:

 
(a) That the property which is the security for such mortgage meets the
requirements established in Section 8;

 
(b) That the mortgagor is responsible and credit-worthy;

 
(c) That the mortgage is in such principal amount and form, and contains
such terms and provisions with respect to property insurance, repairs,
alterations, payment of taxes and assessments, delinquency charges, default
remedies, additional security and other matters as the Agency shall
determine, giving due regard to the intent of this Act to assist persons and
families of low and moderate income so long as assistance under this Act
shall be provided; and

 
(d) That the public interest is adequately protected by the terms of the
mortgage insurance contract or other agreements.

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