Iowa Administrative Code › Agency 265 - Iowa Finance Authority › Chapter 27 - Military Service Member Home Ownership Assistance Program › Rule 265-27.2 - Definitions

Current through Register Vol. 47, No. 3, July 24, 2024
As used in this chapter, unless the context otherwise
				requires:
"Closing agent"
means the attorney, real
				estate firm, or closing company that is closing the qualifying purchase
				transaction and that prepares the cash sale settlement statement.
"Eligible service member "
means a person
				purchasing his or her primary residence in the state of Iowa who, at the time
				of application for a grant under the program, (1) is or was, if discharged
				under honorable conditions, a member of the national guard, reserve, or regular
				component of the armed forces of the United States under Title 10 or Title 32
				and has served at least 90 days of active duty service, other than training,
				beginning on or after September 11, 2001, or during the period of the Persian
				Gulf Conflict, beginning August 2, 1990, and ending April 6, 1991; (2) was
				honorably discharged due to injuries incurred while on active federal service
				beginning on or after September 11, 2001, or during the period of the Persian
				Gulf Conflict, beginning August 2, 1990, and ending April 6, 1991; or (3) is a
				surviving spouse of a service member who met the eligibility criteria of (1) or
				(2) above.
"Facilitating lender "
means a lender that is
				not a participating lender but that is approved by the authority to make loans
				under the military home ownership assistance program pursuant to Iowa Code
				section
				16.54(5)
				 and subrule 27.3(7).
"Home ownership assistance"
means the one-time
				assistance of up to $5,000 per eligible service member that may be used toward
				down payment or closing costs, or both, in the purchase of a qualified
				home.
"Manufacturedhome"
means the same as defined
				in Iowa Code section
				435.1.
"Participating lender"
means a lender approved
				for participation in one or more of the authority's first mortgage financing
				home buyer programs. The authority maintains a list of participating lenders on
				its website:
www.iowafinanceauthority.gov
.
"Program "
or
"military home ownership
				assistance program "
or
"MHOA "
means the military
				service member home ownership assistance program authorized by Iowa Code
				section 16.54.
"Qualified home"
means a home located in the
				state of Iowa that an eligible service member purchases, occupies, and uses as
				the service member's primary residence. The home must fall into one of the
				following categories:
1. Single-family residence, including "stick-built" homes,
				modular homes, or manufactured homes;
2. Condominium;
3. Townhome;
4. A property containing two to four residential units, where
				one unit is to be occupied by the eligible service member as the service
				member's primary residence.
"Qualified mortgage"
means a permanent
				mortgage loan made pursuant to one of the authority's home buyer mortgage
				programs unless the lender offers financing that is more financially
				advantageous for the service member.
"Status documentation"
means written
				documentation verifying that the applicant is an eligible service member. This
				documentation may include, but is not limited to, a copy of a valid DD Form
				214, showing character of service other than dishonorable, or the applicant's
				most recent leave and earnings statements representing 90 days of active
				duty.
"Title guaranty certificate "
means the
				certificate issued by the Iowa title guaranty division of the authority
				pursuant to Iowa Code section
				16.92
				to ensure marketable title to the lender or the homeowner, or
				both.