Terms Used In Montana Code > Title 90 > Chapter 6 > Part 6 - Veterans' Home Loan Mortgage Program

• Board: means the board of housing provided for in 2-15-1814. See Montana Code 90-6-602
• Credit Score: A number, roughly between 300 and 800, that measures an individual's credit worthiness. The most well-known type of credit score is the FICO score. This score represents the answer from a mathematical formula that assigns numerical values to various pieces of information in your credit report. ^{Source: OCC}
• Eligible veteran: means an individual who is a Montana resident and who:

  (a)is or has been a member of the Montana national guard;

  (b)is or has been a member of the federal reserve forces of the armed forces of the United States, serving pursuant to Title 10 of the United States Code;

  (c)is serving or has served on federal active duty pursuant to Title 10 of the United States Code;

  (d)is an unremarried spouse of an individual who was otherwise an eligible veteran and was killed in the line of duty;

  (e)is an eligible veteran as defined by the board pursuant to 90-6-605(2); or

  (f)if previously a member of the armed forces, was discharged under honorable conditions. See Montana Code 90-6-602

• First-time home buyer: means an individual determined by the board to be a first-time home buyer pursuant to rules adopted by the board. See Montana Code 90-6-602
• Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. ^{Source: OCC}
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Mortgage loan: A loan made by a lender to a borrower for the financing of real property. ^{Source: OCC}
• Mortgage loan: means a loan for the purchase of real property with any improvements located within this state that is to be used for residential purposes and that is based upon a written instrument approved by a federal agency and that is written in the form of a trust indenture. See Montana Code 90-6-602
• Participating financial institution: means a corporate lender or other loan originator approved by the board for originating and servicing loans pursuant to this part. See Montana Code 90-6-602
• Process: means a writ or summons issued in the course of judicial proceedings. See Montana Code 1-1-202
• program: means the program created in 90-6-603. See Montana Code 90-6-602
• Resident: means an individual who maintains a permanent place of abode within Montana and who has not established a residence elsewhere even though the individual may be temporarily absent from the state. See Montana Code 90-6-602
• State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Montana Code 1-1-201
• trust fund: means the trust fund created pursuant to Article IX, section 5, of the Montana constitution. See Montana Code 90-6-602
• Trust indenture: has the meaning provided in 71-1-303. See Montana Code 90-6-602
• Under honorable conditions: means a discharge or separation from military duty characterized by the armed forces as under honorable conditions. See Montana Code 90-6-602
• United States: includes the District of Columbia and the territories. See Montana Code 1-1-201