Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Hawaii Housing Finance and Development Corporation › Chapter 161 - HULA MAE SINGLE FAMILY PROGRAM › Subchapter 1 - GENERAL PROVISIONS › Section 15-161-2 - Definitions

Current through June, 2024
Whenever used in these rules and the procedural guide,
					 unless the context otherwise requires:
"Annualized gross income" means gross monthly income
					 multiplied by twelve.
"Bonds" means the revenue bonds issued to finance all or
					 any part of the advance commitment program, the loans to lenders program, the
					 purchase of existing loans programs, and the eligible loan funding program
					 authorized under part III, chapter 2016, HRS.
"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 declarant
					 alien;
(2) Is a bona fide resident of the State;
(3) Is 18 years or older;
(4) If single or married, does not own or have any
					 interest, either jointly or severally, in a principal residence or a beneficial
					 interest in a land trust on a principal residence, anywhere for a period three
					 years prior to the date of application for an eligible loan, or if a single
					 parent household as defined under section 2016-181, HRS, will be exempted from
					 this requirement.
(5) Has not been granted a previous loan under part III,
					 chapter 2016, HRS;
(6) Does not have a family income exceeding the income
					 requirements of section 143(f) of the Internal Revenue Code of 19 86, as
					 amended.
"Eligible loan" means any residential mortgage loan to an
					 eligible borrower as defined in part III, chapter 2010, HRS, provided, the
					 property to be financed shall be insured or guaranteed by the Federal Housing
					 Administration the Veterans Administration, the Farmers Home Administration, or
					 private mortgage insurers as approved by the corporation.
"Family income" means the annualized gross income of an
					 eligible borrower (or borrowers).
"Land trust" means a recorded instrument as defined in
					 chapter
					 558, HRS.
"Mortgage lender" means a mortgage lender as defined in
					 part III, chapter 2016, HRS.
"Mortgage purchase agreement" means an agreement between,
					 the corporation and a mortgage lender, in the form prescribed by the
					 corporation, by which the corporation agrees to purchase eligible loans on the
					 terms and conditions set forth in the agreement. The form of the mortgage
					 purchase agreement shall be available for inspection at the principal office of
					 the corporation during the normal business hours.
"Mortgage servicing agreement" means an agreement between
					 the corporation and a servicer in the form as may be prescribed by the
					 corporation to service eligible loans. The form of the mortgage servicing
					 agreement shall be available for inspection at the principal office of the
					 corporation during normal business hours.
"One unit family dwelling" means real estate upon which is
					 located a structure or structures designed for residential use and consisting
					 of one dwelling unit.
"Procedural guide" means the set of instructions,
					 guidelines, terms and conditions for the origination and sale of eligible loans
					 to the corporation and for the servicing of the eligible loans, in such form as
					 may be prescribed by the corporation to be used by the mortgage lender.
"Rule" means the provisions under these rules adopted
					 pursuant to part III, chapter 2016, and chapter
					 91, HRS.
"Servicer" means a mortgage lender or its designee,
					 approved by the corporation, who has executed a mortgage servicing agreement
					 with the corporation.
"State" means the State of Hawaii.