§ 31.102. Definitions.
(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.
Cross References This section cited in 12 Pa. Code § 31.101 (relating to purpose and objectives).
No part of the information on this site may be reproduced for profit or sold for profit.
This material has been drawn directly from the official Pennsylvania Code full text database. Due to the limitations of HTML or differences in display capabilities of different browsers, this version may differ slightly from the official printed version.
