Virginia Administrative Code › Title 13 - HOUSING › Agency 10 - VIRGINIA HOUSING DEVELOPMENT AUTHORITY › Chapter 40 - RULES AND REGULATIONS FOR SINGLE FAMILY MORTGAGE LOANS TO PERSONS AND FAMILIES OF LOW AND MODERATE INCOME › Part I - General › Section 13VAC10-40-15 - Definitions

Current through Register Vol. 40, No. 24, July 15, 2024
The following words and terms when used in this chapter
					 shall have the following meanings, unless the context clearly indicates
					 otherwise:
"Act" means the Virginia Housing Development Authority Act
					 (§
										36-55.24
					 et seq. of the Code of Virginia).
"Applicant" means a person who has applied for an authority
					 mortgage loan.
"Authority" means the Virginia Housing Development
					 Authority.
"Borrower" means a person who has obtained an authority
					 mortgage loan.
"Delegated lender" means an originating lender that has
					 received approval from the authority to act in a delegated capacity to approve
					 authority mortgage loans without prior review by the authority.
"Fannie Mae" means the Federal National Mortgage
					 Association.
"Fannie Mae loan" means a mortgage loan made pursuant to
					 the requirements of Fannie Mae.
"FHA" means the U.S. Federal Housing Administration.
"FHA loan" means a mortgage loan insured by FHA.
"First mortgage loan" means a mortgage loan that is in a
					 first lien position.
"Freddie Mac" means the Federal Home Loan Mortgage
					 Corporation.
"Freddie Mac loan" means a mortgage loan made pursuant to
					 the requirements of Freddie Mac.
"Gross income" means the combined annualized gross income
					 of all borrowers and nonborrower occupants taking title to a dwelling unit from
					 whatever source derived and before taxes or withholdings.
"Median family income" has the meaning set forth in §
					 143(f)(4) of the Internal Revenue Code of 1986.
"Nondelegated lender" means an originating lender that has
					 not received approval from the authority to act in a delegated capacity, such
					 that authority mortgage loans must be submitted to the authority for
					 approval.
"Origination guide" means the authority document prepared
					 and revised from time to time, setting forth the accounting and other
					 procedures to be followed by all originating lenders responsible for the
					 origination, closing, and selling of mortgage loans under the applicable
					 purchase agreements.
"Originating agents" means mortgage brokers, financial
					 institutions, and other private firms and individuals and governmental entities
					 approved by the authority for the purpose of receiving applications for
					 mortgage loans.
"Originating lenders" means commercial banks, savings and
					 loan associations, credit unions, private mortgage bankers, redevelopment and
					 housing authorities, and agencies of local government approved by the authority
					 to make mortgage loans pursuant to authority loan programs.
"Present ownership interest" means an ownership interest in
					 a principal residence including:
1.  A fee simple interest;
2.  A joint tenancy, a tenancy in common, or a tenancy by
					 the entirety;
3.  The interest of a tenant shareholder in a
					 cooperative;
4.  A life estate;
5.  A land contract, under which possession and the benefits
					 and burdens of ownership are transferred although legal title is not
					 transferred until some later time; and
6.  An interest held in trust for the eligible borrower
					 (whether or not created by the eligible borrower) that would constitute a
					 present ownership interest if held directly by the eligible borrower.
Interests that do not include a present ownership interest
					 include:
1.  A remainder interest;
2.  An ordinary lease with or without an option to
					 purchase;
3.  A mere expectancy to inherit an interest in a principal
					 residence;
4.  The interest that a purchaser of a residence acquires on
					 the execution of an accepted offer to purchase real estate; and
5.  An interest in other than a principal residence during
					 the previous three years.