Pennsylvania Code › Title 12 - COMMERCE, TRADE AND LOCAL GOVERNMENT › Part I - General Administration › Subpart D - Housing Finance Agency › Chapter 31 - HOUSING FINANCE AGENCY › Subchapter A - GENERAL PROVISIONS › OWNER-OCCUPIED RESIDENTIAL HOUSING PROGRAM › Section 31.102 - Definitions

Current through Register Vol. 54, No. 28, July 13, 2024
(a) All words and
						terms which are defined in the act are used in these §§
												31.101-31.105 as defined in the
						act.
(b) The following words and
						terms, when used in these §§
												31.101-31.105 have, unless the context
						clearly indicates otherwise, the following meanings:
Approved lending institution
-Any
						  lending institution as defined by the act and approved by the Agency.
Bonds
-Bonds issued to obtain funds to
						  purchase program loans as provided in Article V-A of the act (35 P. S.
						  §§
														1680.501a-1680.508a).
Eligible borrower
-Any mortgagor or
						  borrower meeting the criteria set forth by the Agency.
Home improvement loan
-A loan made for
						  the improvement of a single-family dwelling.
Income
-The total annual income of a
						  family or person as defined by the Agency.
Loan
-A mortgage loan, a substantial
						  rehabilitation loan, or a home improvement loan made by an approved lending
						  institution to an eligible borrower and meeting the conditions set forth in
						  these §§ 31.101-31.105.
Loan commitment
-The aggregate unpaid
						  principal amount of loans which an approved lending institution agrees to
						  deliver and sell to the Agency and the Agency agrees to purchase.
Loan purchase agreement
-An agreement
						  entered into between an approved lending institution and the Agency under which
						  the lending institution agrees to deliver and sell to the Agency and the Agency
						  agrees to purchase loans.
Loan servicing agreement
-An agreement
						  entered into between an approved lending institution and the Agency under which
						  the lending institution agrees to service the loans purchased by the
						  Agency.
Mortgage loan
-A loan made for the
						  purchase or construction of a single-family dwelling.
Program
-A program of the Agency
						  involving mortgage loans, substantial rehabilitation loans, or home improvement
						  loans administered under these §§ 31.101-31.105.
Program guidelines
-A guide for a
						  program promulgated by the Agency, summarizing specific contractual
						  requirements of the program, as revised and supplemented from time to
						  time.
Qualified insurer
-The Federal Housing
						  Administration, the Veterans Administration, and any other person legally
						  authorized to insure or guarantee, in whole or part, the payment of loans for
						  single-family dwellings in this Commonwealth and otherwise meeting the
						  qualifications set forth in these sections.
Single family dwelling
-A structure
						  designed for occupancy by no more than four persons or families in separate
						  dwelling units, provided that at least one such dwelling unit shall be occupied
						  by the owner thereof as a primary residence; the term includes condominium
						  units and planned unit development.
Substantial rehabilitation loan
-A loan
						  made for the purchase and substantial rehabilitation or for the substantial
						  rehabilitation of a single-family dwelling.
This section cited in 12 Pa. Code §
														31.101 (relating to purpose and
							 objectives).