Utah Code 63H-8-501. Definitions
Current as of: 2024 | Check for updates
|
Other versions
As used in this part:
(1)
Terms Used In Utah Code 63H-8-501
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Corporation: means the Utah Housing Corporation created by Section 63H-8-201, which, prior to July 1, 2001, was named the Utah Housing Finance Agency. See Utah Code 63H-8-103
- First-time homebuyer: includes a single parent, as defined by the corporation by rule made as described in Section
63H-8-502 , who would meet the three-year requirement described in Subsection (1)(a)(i) but for a present ownership interest in a principal residence in which the single parent:(1)(b)(i) had a present ownership interest with the single parent's former spouse during the three-year period;(1)(b)(ii) resided while married during the three-year period; and(1)(b)(iii) no longer:(1)(b)(iii)(A) has a present ownership interest; or(1)(b)(iii)(B) resides. See Utah Code 63H-8-501- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgage: means a mortgage, deed of trust, or other instrument securing a mortgage loan and constituting a lien on real property (the property being held in fee simple or on a leasehold under a lease having a remaining term, at the time the mortgage is acquired, of not less than the term for repayment of the mortgage loan secured by the mortgage) improved or to be improved by residential housing, creating a lien that may be first priority or subordinate. See Utah Code 63H-8-103
- Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
- Mortgage loan: means a loan secured by a mortgage, which loan may bear interest at either a fixed or variable rate or which may be noninterest bearing, the proceeds of which are used for the purpose of financing the construction, development, rehabilitation, purchase, or refinancing of residential housing for low and moderate income persons. See Utah Code 63H-8-103
- Program: means the First-Time Homebuyer Assistance Program created in Section
63H-8-502 . See Utah Code 63H-8-501- Program funds: means money appropriated for the program. See Utah Code 63H-8-501
- Qualifying residential unit: means a residential unit that:
(6)(a) is located in the state;(6)(b) is new construction or newly constructed but not yet inhabited;(6)(c) is financed by a qualifying mortgage loan;(6)(d) is owner-occupied within 60 days of purchase, or in the case of a two-unit dwelling, at least one unit is owner-occupied within 60 days of purchase; and(6)(e) is purchased for an amount that does not exceed:(6)(e)(i) $450,000; or(6)(e)(ii) if applicable, the maximum purchase price established by the corporation under Subsection63H-8-502 (6). See Utah Code 63H-8-501- Recipient: means a first-time homebuyer who receives program funds. See Utah Code 63H-8-501
- Residential unit: includes a manufactured home or modular home that is attached to a permanent foundation. See Utah Code 63H-8-501
- State: means the state of Utah. See Utah Code 63H-8-103
(1)(a) “First-time homebuyer” means an individual who satisfies:(1)(a)(i) the three-year requirement described in Section 143(d) of the Internal Revenue Code of 1986, as amended, and any corresponding federal regulations; and(1)(a)(ii) requirements made by the corporation by rule, as described in Section63H-8-502 .(1)(b) “First-time homebuyer” includes a single parent, as defined by the corporation by rule made as described in Section63H-8-502 , who would meet the three-year requirement described in Subsection (1)(a)(i) but for a present ownership interest in a principal residence in which the single parent:(1)(b)(i) had a present ownership interest with the single parent’s former spouse during the three-year period;(1)(b)(ii) resided while married during the three-year period; and(1)(b)(iii) no longer:(1)(b)(iii)(A) has a present ownership interest; or(1)(b)(iii)(B) resides.(2) “Home equity amount” means the difference between:(2)(a)(2)(a)(i) in the case of a sale, the sales price for which the qualifying residential unit is sold by the recipient in a bona fide sale to a third party with no right to repurchase less an amount up to 1% of the sales price used for seller-paid closing costs; or(2)(a)(ii) in the case of a refinance, the current appraised value of the qualifying residential unit; and(2)(b) the total payoff amount of any qualifying mortgage loan that was used to finance the purchase of the qualifying residential unit.(3) “Program” means the First-Time Homebuyer Assistance Program created in Section63H-8-502 .(4) “Program funds” means money appropriated for the program.(5) “Qualifying mortgage loan” means a mortgage loan that:(5)(a) is purchased by the corporation; and(5)(b) is subject to a document that is recorded in the office of the county recorder of the county in which the residential unit is located.(6) “Qualifying residential unit” means a residential unit that:(6)(a) is located in the state;(6)(b) is new construction or newly constructed but not yet inhabited;(6)(c) is financed by a qualifying mortgage loan;(6)(d) is owner-occupied within 60 days of purchase, or in the case of a two-unit dwelling, at least one unit is owner-occupied within 60 days of purchase; and(6)(e) is purchased for an amount that does not exceed:(6)(e)(i) $450,000; or(6)(e)(ii) if applicable, the maximum purchase price established by the corporation under Subsection63H-8-502 (6).(7) “Recipient” means a first-time homebuyer who receives program funds.(8)(8)(a) “Residential unit” means a house, condominium, townhome, or similar residential structure that serves as a one-unit dwelling or forms part of a two-unit dwelling.(8)(b) “Residential unit” includes a manufactured home or modular home that is attached to a permanent foundation.