24 CFR 1005.103 - What definitions are applicable to this program?
In addition to the definitions that appear in Section 184 of the Housing and Community Development Act of 1992, the following definitions are applicable to loan guarantees under Section 184 -
Default means the failure by a borrower to make any payment or to perform any other obligation under the terms of a loan, and such failure continues for a period of more than 30 days.
(i) A first lien as is commonly given to secure advances on, or the unpaid purchase price of, real estate under the laws of the jurisdiction where the property is located and may refer to a security instrument creating a lien, whether called a mortgage, deed of trust, security deed, or another term used in a particular jurisdiction; or
(ii) A loan secured by collateral as required by 24 CFR 1005.107; and
(2) The credit instrument, or note, secured thereby.
Mortgagee means the same as “Holder.”
Principal residence means the dwelling where the mortgagor maintains (or will maintain) his or her permanent place of abode, and typically spends (or will spend) the majority of the calendar year. A person may have only one principal residence at any one time.
Property means the property constructed, acquired, or rehabilitated with the guaranteed loan, except when the context indicates that the term means other collateral for the loan.
Trust or restricted land has the meaning given to “trust land” in section 184(k)(9) of the Housing and Community Development Act of 1992.