Florida Administrative Code › 67 - FLORIDA HOUSING FINANCE CORPORATION › 67 - Departmental › Chapter 67-25 - SINGLE-FAMILY MORTGAGE REVENUE BONDS PROGRAM › Section 67-25.002 - Definitions

Current through Reg. 50, No. 138; July 16, 2024
(1) "Act" means the Florida Housing Finance
				Corporation Act, as found in Chapter 420, Part V, F.S.
(2) "Acquisition Price" means the cost of
				acquiring a single-family residence from the seller as a completed residential
				unit.
(3) "Annualized Current
				Income" means the mortgagor's annualized gross income. Annualized current gross
				income is current gross monthly income multiplied by twelve (12). Current gross
				monthly income is the sum of monthly gross pay; any additional income from
				overtime, part-time employment, bonuses, dividends, interest royalties,
				pensions, Veterans Administration (VA) compensation, net rental income, etc.;
				and other income (such as alimony, child support, public assistance, sick pay,
				social security benefits, unemployment compensation, income received from
				trusts, and income received from business activities or investments.)
(4) "Allocation Amount" means the aggregate
				principal amount of qualified mortgage loans which each participant may submit
				for purchase by the Corporation.
(5) "Appraisal" means an appraisal of a
				residence prepared by a qualified appraiser.
(6) "Average Area Purchase Price" means the
				average purchase price of single-family residences in the county wherein the
				single-family residence is located.
(7) "Bonds" or "Revenue Bonds" means the
				bonds or notes of the Corporation issued to finance the qualified mortgage
				loans.
(8) "Builder" means any
				person, corporation, partnership or other business entity properly licensed by
				a lawful government authority to construct residential or commercial buildings
				or any related entity of a builder. Related entity when used in connection with
				the term "builder" shall mean any member of the immediate family of a builder,
				or any general partner of a builder, or any officer, director, trustee,
				employee or other person directly or indirectly holding 10 percent or more of
				the outstanding voting interest of a builder, or any person, trustee,
				corporation, partnership, trust, joint venture, or other entity controlling,
				controlled by, or under common control with a builder. A 10 percent or more
				voting or capital contribution shall be presumed to be a controlling or common
				control interest for purposes herein.
(9) "1954 Code" means the Internal Revenue
				Code of 1954, as amended, and any rules and regulations promulgated
				thereunder.
(10) "Code" means the
				Internal Revenue Code of 1986, as amended, and any rules and regulations
				promulgated thereunder.
(11)
				"Commitment" means a binding written commitment by a participant, in the form
				customarily used by a participant in its owner-occupied home lending practice
				or in a form customarily used in the mortgage lending industry to a particular
				eligible borrower to make a qualified mortgage loan of a qualified
				single-family residence. Each commitment shall be for a stated period of time,
				for a stated amount, and for a stated interest rate established for the
				program.
(12) "Conventional
				Mortgage Loan" means a Mortgage Loan other than an FHA Insured Mortgage Loan,
				USDA-RD Guaranteed Mortgage Loan, VA Guaranteed Mortgage Loan or HUD Section
				184 Guaranteed Mortgage Loan, satisfying the requirements of Freddie Mac,
				FannieMae or a private mortgage insurance provider.
(13) "Correspondent Lender" means a lender
				which does not meet all of the qualification requirements for designation as,
				or has not made an Application as a Participating Lender pursuant to the terms
				of the Mortgage Purchase Agreement, but wishes to originate loans under the
				Program under an agreement executed by a Participating Lender, wherein such
				Correspondent Lender is approved by the Participating Lender to originate and
				sell, transfer, or assign to the Participating Lender, Mortgage Loans under the
				Indenture.
(14) "Eligible Person or
				Families" or "Eligible Borrower" means a person or persons or family or
				families:
(a) Who intend to permanently reside
				as a household in the Home as their principal single-family
				residence;
(b) Whose total annual
				family income does not exceed the appropriate maximum annual family income
				established by the Corporation under the specific Single-Family Mortgage
				Revenue Bond program for which a qualified mortgage loan is being applied; and,
(c) To the extent required by
				federal law with respect to each person who purchases a single-family residence
				not located within a targeted area, each such person who is executing the
				mortgage is a first time home buyer.