Terms Used In Iowa Code 16.38

• Authority: means the Iowa finance authority created in section 16. See Iowa Code 16.1
• Contract: A legal written agreement that becomes binding when signed.
• Escrow: Money given to a third party to be held for payment until certain conditions are met.
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Families: includes but is not limited to families consisting of a single adult person who is primarily responsible for the person's own support, is at least sixty-two years of age, is a person with a disability, is displaced, or is the remaining member of a tenant family. See Iowa Code 16.1
• Income: means income from all sources of each member of the household, with appropriate exceptions and exemptions reasonably related to an equitable determination of the family's available income, as established by rule of the authority. See Iowa Code 16.1
• 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}
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Lending institution: includes a financial institution as defined in section 496B. See Iowa Code 16.1
• Lien: A claim against real or personal property in satisfaction of a debt.
• Low or moderate income families: means families who cannot afford to pay enough to cause private enterprise in their locality to build an adequate supply of decent, safe, and sanitary dwellings for their use, and also includes but is not limited to the following:
   a. See Iowa Code 16.1
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Mortgage: means a mortgage or mortgage lien on an interest in real property in this state given to secure a loan in an original principal amount equal to or less than the maximum principal amount as determined by the division board and adopted by the authority pursuant to chapter 17A. See Iowa Code 16.92
• Mortgage: means a mortgage, mortgage deed, deed of trust, or other instrument creating a first lien, subject only to title exceptions acceptable to the authority, on a fee interest in real property which includes completed housing located within this state, or on a leasehold on such a fee interest which has a remaining term at the time of computation that exceeds by not less than ten years the maturity date of the mortgage loan. See Iowa Code 16.1
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Rule: includes "regulation". See Iowa Code 4.1
• state: when applied to the different parts of the United States, includes the District of Columbia and the territories, and the words "United States" may include the said district and territories. See Iowa Code 4.1
• Trustee: A person or institution holding and administering property in trust.
• United States: includes all the states. See Iowa Code 4.1