Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Hawaii Housing Finance and Development Corporation › Chapter 169 - DOWNPAYMENT LOAN PROGRAM › Subchapter 1 - GENERAL PROVISIONS › Section 15-169-2 - Definitions

Current through June, 2024
As used in this chapter:
"Annualized gross income" means gross monthly income of an
					 eligible borrower (or borrowers) multiplied by twelve.
"Board" means the board of directors of the housing and
					 community development corporation of Hawaii.
"Corporation" means the housing and community development
					 corporation of Hawaii.
"Eligible borrower" means a person who:
(1) Is a citizen of the United States or a resident
					 alien;
(2) Is a bona fide resident of the State;
(3) Is at least eighteen years of age;
(4) If single or married, does not own (either jointly or
					 severally), in fee simple or leasehold, a majority interest in any other
					 residential property within the State at the time of application;
(5) Will physically reside in the residential property to
					 be purchased for the term of the loan;
(6) Is accepted by a financial institution as a person to
					 whom it is willing to lend money for the purchase of the residential property
					 provided the required downpayment is made;
(7) Does not have annualized gross income that exceeds the
					 income limit established by the corporation;
(8) Contributes, from his or her own liquid assets, a
					 portion of the downpayment which shall be equal to at least three per cent of
					 the sales price;
(9) Will have liquid assets not exceeding two months of the
					 principal, interest, taxes and insurance which comprise the eligible borrower's
					 monthly mortgage payments, remaining after the closing date; and
(10) Has not been granted a previous loan under this
					 chapter (except in cases of extreme hardship, divorce, etc., as determined by
					 the corporation);
"Eligible loan" means a residential second mortgage loan
					 made to an eligible borrower for a downpayment.
"Escrow company" means a disinterested third party which
					 holds money or documents, or both until the terms and conditions between the
					 buyer and the seller have been satisfied.
"Homebuyers club program" means the program administered by
					 the corporation which provides information to potential homebuyers on how to
					 save money, resolve credit problems, and shop for and purchase a home.
"Income limit" means the limit established by the
					 corporation based on the median income which the United States Department of
					 Housing and Urban Development establishes from time to time for the State, as
					 adjusted by the corporation for family size.
"Financial institution" means an institution as defined in
					 chapter
					 412:5 (bank), HRS, section 412:7
					 (savings and loan associations), HRS, 12 U.S.C. §21 (national bank) and 12
					 U.S.C. §1461 (federal savings and loan association or federal savings
					 bank).
"Loan closing date" means the final procedure in which
					 documents are executed or recorded, or both and the loan is completed.
"State" means the State of Hawaii.