Code of Vermont Rules › Agency 80 - ADMINISTRATIVE AND ADVISORY AGENCIES › Sub-Agency 140 - HOUSING FINANCE AGENCY › Chapter 003 - LOANS-SINGLE FAMILY MORTGAGE › Section 80 140 003 - LOANS-SINGLE FAMILY MORTGAGE

Current through June, 2024
Section 1 Authority
These Rules and Regulations are issued under and pursuant to
				the authority granted to Vermont Housing Finance Agency by
				10
				V.S.A. §
											622 and § 623.
Section 2 Purpose and Objectives
These Rules and Regulations are established to effectuate, and
				shall be applied so as to accomplish, the general purposes of the Vermont
				Housing Finance Agency Act to promote the expansion of the supply of funds in
				the State available for mortgages on residential housing and to encourage an
				adequate supply of safe and decent housing at reasonable costs.
Section 3 Definitions
(1) Unless a different meaning is required
			 from the context in which they are used herein, all words and terms which are
			 defined in the Vermont Housing Finance Agency Act are used in these Rules and
			 Regulations as defined in the Act.
(2) Subject to the provisions of subsection
			 3(1) above, the following words or terms as used in these Rules and Regulations
			 shall have the following meanings:
(a) "Act"
			 shall mean the Vermont Housing Finance Agency Act, 10 V.S.A., Chapter 25, as
			 amended.
(b) "Developmentally
			 Disabled" means a person with a developmental disability as defined in 42
			 U.S.C. Sec. 6001.
(c) "Elderly"
			 means a person aged 62 or older or the spouse of such person.
(d) "Forward Commitment Mortgage Loan" means
			 Mortgage Loans made by a Mortgage Lender to Persons and Families of Low and
			 Moderate Income after the execution of a Mortgage Loan Purchase Agreement and
			 pursuant to the terms thereof.
(e)
			 "Group Home" means a residential housing unit intended to house three or more
			 elderly, handicapped or developmentally disabled residents (plus a supervisor's
			 apartment, if provided) in a family-style household.
(f) "Handicapped Person" means any person who
			 has a physical or mental impairment which substantially limits one or more
			 major life activities, such as caring for one's self, performing manual tasks,
			 walking, seeing, hearing, speaking, breathing, learning and working.
(g) "Loan-to-Value Ratio" means the ratio at
			 the time of purchase of a Qualified Mortgage Loan by the Agency of the
			 outstanding principal amount of the principal of the Qualified Mortgage Loan to
			 (i) the value of the mortgaged property as determined by a Qualified Appraiser
			 or (ii) the purchase price of the mortgaged property, whichever is
			 lower.
(h) "Mortgage Loan
			 Application and Commitment" means the application of a Mortgage Lender to the
			 Agency for the sale of Qualified Mortgage Loans to the Agency constituting a
			 binding commitment for such sale by the Mortgage Lender.
(i) "Mortgage Loan Purchase Agreement" means
			 an agreement and between the Agency and a Mortgage Lender providing for the
			 sale of Qualified Mortgage Loans to the Agency pursuant to a Mortgage Loan
			 Application and Commitment.
(j)
			 "Mortgage Loan Servicing Agreement" means an agreement by and between the
			 Agency and Mortgage Lender providing for the servicing of Qualified Mortgage
			 Loans by such Mortgage Lender under which Qualified Mortgage Loans are
			 purchased by the Agency pursuant to a Mortgage Loan Purchase
			 Agreement.
(k) "Persons and
			 Families of Low and Moderate Income" includes persons and families so defined
			 from time to time by the Agency for purposes of its single-family programs,
			 having due regard for changing economic conditions and the criteria set forth
			 in
			 10 V.S.A. §
												601(11).
(l) "Portfolio Mortgage Loan" means Mortgage
			 Loans made prior to the execution of a Mortgage Loan Purchase Agreement for the
			 purchase or refinancing of residential housing whether or not for occupancy by
			 Persons and Families of Low and Moderate Income in the State of Vermont made
			 prior to the execution of a mortgage purchase agreement havingthe reinvestment
			 requirements stated herein.
(m)
			 "Qualified Appraiser" means a person licensed by the State of Vermont as an
			 appraiser of real estate.
(n)
			 "Qualified Mortgage Loan" means a Mortgage Loan insured or guaranteed pursuant
			 to Qualified Mortgage Loan Enabling Legislation, or a Mortgage Loan insured by
			 a private mortgage loan insurance company approved by the Agency pursuant to a
			 policy of insurance which meets the security requirements of the Act as
			 determined by the Agency, or an uninsured and non-guaranteed Mortgage Loan,
			 provided that the outstanding principal amount of such Mortgage Loan is not
			 greater than seventy-five percent (75%) of the value of the mortgaged property
			 at the timee of purchase of the Mortgage Loan by the Agency.
(o) "Qualified Mortgage Loan Enabling
			 Legislation" means the National Housing Act of 1949, being Public Law 479, 73rd
			 Congress, 48 Stat.
			 12
			 U.S.C. 1701 et. seq. in the case of Mortgage
			 Loans insured by the Federal Housing Administration; the Servicemen's
			 Readjustment Act, being Title 38 of U.S.C., Section 1801 et. seq., in the case
			 of Mortgage Loans guaranteed by the Veterans Administation; the Farmers Home
			 Administration Act, being
			 42 U.S.C.
			 1471, in the case of Mortgage Loans insured
			 by the Farmers Home Administration; and the Vermont Housing Finance Agency Act,
			 being Title 10, Vermont Statutes Annotated, Chapter 18, in the case of Mortgage
			 Loans guaranteed by the Vermont Home Mortgage Guarantee Board or its
			 predecessor, Vermont Home Mortgage Credit Agency.
(p) "Qualified Private Mortgage Insurer"
			 means an insurer qualified to do business in the State of Vermont and qualified
			 to provide insurance on mortgages purchased by the Federal National Mortgage
			 Association or the Federal Home Loan Mortgage Corporation.
(q) "Rehabilitation Mortgage Loan" means a
			 loan made to the present or intended occupant of Residential Housing by a
			 Mortgage Lender for the rehabilitation, improvement and repair of residential
			 housing and facilities incidental thereto undertaken primarily to provide
			 Residential Housing located in the State.
(t) "Residential Housing" means single or
			 multifamily residential housing units comprised of not more than four such
			 units designed and used primarily to provide the principal dwelling
			 accommodations for persons or families, including the land and improvements
			 thereon.
(u) "State" means the
			 State of Vermont.
(v) "Value" means
			 the lower of the purchase price or appraised value as determined by a Qualified
			 Appraiser.