As used in this chapter, unless the context otherwise
requires:
"Closing agent" means the attorney, real
estate firm, or closing company that is closing the qualifying purchase
transaction and that prepares the cash sale settlement statement.
"Eligible service member " means a person
purchasing his or her primary residence in the state of Iowa who, at the time
of application for a grant under the program, (1) is or was, if discharged
under honorable conditions, a member of the national guard, reserve, or regular
component of the armed forces of the United States under Title 10 or Title 32
and has served at least 90 days of active duty service, other than training,
beginning on or after September 11, 2001, or during the period of the Persian
Gulf Conflict, beginning August 2, 1990, and ending April 6, 1991; (2) was
honorably discharged due to injuries incurred while on active federal service
beginning on or after September 11, 2001, or during the period of the Persian
Gulf Conflict, beginning August 2, 1990, and ending April 6, 1991; or (3) is a
surviving spouse of a service member who met the eligibility criteria of (1) or
(2) above.
"Facilitating lender " means a lender that is
not a participating lender but that is approved by the authority to make loans
under the military home ownership assistance program pursuant to Iowa Code
section 16.54(5) and
subrule 27.3(7).
"Home ownership assistance" means the one-time
assistance of up to $5,000 per eligible service member that may be used toward
down payment or closing costs, or both, in the purchase of a qualified
home.
"Manufacturedhome" means the same as defined
in Iowa Code section 435.1.
"Participating lender" means a lender approved
for participation in one or more of the authority's first mortgage financing
home buyer programs. The authority maintains a list of participating lenders on
its website: www.iowafinanceauthority.gov.
"Program " or"military home ownership
assistance program " or "MHOA " means the military
service member home ownership assistance program authorized by Iowa Code
section 16.54.
"Qualified home" means a home located in the
state of Iowa that an eligible service member purchases, occupies, and uses as
the service member's primary residence. The home must fall into one of the
following categories:
1. Single-family residence, including "stick-built" homes,
modular homes, or manufactured homes;
2. Condominium;
3. Townhome;
4. A property containing two to four residential units, where
one unit is to be occupied by the eligible service member as the service
member's primary residence.
"Qualified mortgage" means a permanent
mortgage loan made pursuant to one of the authority's home buyer mortgage
programs unless the lender offers financing that is more financially
advantageous for the service member.
"Status documentation" means written
documentation verifying that the applicant is an eligible service member. This
documentation may include, but is not limited to, a copy of a valid DD Form
214, showing character of service other than dishonorable, or the applicant's
most recent leave and earnings statements representing 90 days of active
duty.
"Title guaranty certificate " means the
certificate issued by the Iowa title guaranty division of the authority
pursuant to Iowa Code section
16.92 to ensure marketable title
to the lender or the homeowner, or both.
Notes
Iowa Admin. Code
r. 265-27.2
ARC 8945B, lAB 7/28/10,
effective 7/6/10; ARC 9803B, lAB 10/5/11, effective 11/9/11
Amended by
IAB
September 3, 2014/Volume XXXVII, Number 5, effective
8/6/2014
Amended by
IAB
February 4, 2015/Volume XXXVII, Number 16, effective
3/11/2015
Amended by
IAB
October 25, 2017/Volume XL, Number 9, effective
11/29/2017
Amended by
IAB
January 30, 2019/Volume XLI, Number 16, effective
3/6/2019
