The following words and terms, when used in this chapter, shall
have the following meanings unless the context or the Participation
Packet indicates otherwise. Other definitions may be found in Texas
Government Code, Chapter 2306; Chapter 1 of this title (relating to
Administration); and Chapter 2 of this title (relating to Enforcement).
(1) Applicable Median Family Income--The Department's
determination, as permitted by Texas Government Code, §2306.123,
of the median income of an individual or family for an area using
a source or methodology acceptable under federal law or rule. The
Applicable Median Family Income, as updated from time to time, may
be found on the Department's website in the "Combined Income and Purchase
Price Limits Table."
(2) Applicant--A person or persons applying for financing
of a Mortgage Loan under the Program.
(3) Areas of Chronic Economic Distress--Those areas
in the state, whether one or more, designated from time to time as
areas of chronic economic distress by the state and approved by the
U.S. Secretaries of Treasury and Housing and Urban Development, respectively,
pursuant to §143(j) of the Code.
(4) Average Area Purchase Price--With respect to a
Residence financed under the Program, the average purchase price of
single-family residences in the statistical area in which the Residence
is located which were purchased during the most recent twelve (12)
month period for which statistical information is available, as determined
in accordance with §143(e) of the Code.
(5) Code--The Internal Revenue Code of 1986, as amended
from time to time.
(6) Contract for Deed Exception--The exception for
certain Mortgage Loan eligibility requirements, as provided in the
Master Mortgage Origination Agreement, available with respect to a
principal residence owned under a contract for deed by a person whose
family income is not more than 50% of the area's Applicable Median
Family Income.
(7) Federal Housing Administration--A division of the
U.S. Department of Housing and Urban Development, also known as FHA.
(8) First Time Homebuyer--A person who has not owned
a home during the three (3) years preceding the date on which an application
under this program is filed. A person will be considered to have owned
a home if the person had a present ownership interest in a home during
the three (3) years preceding the date on which the application was
filed. In the event there is more than one person applying with respect
to a home, each Applicant must separately meet this three year requirement.
(9) Homebuyer--An Applicant that is approved by the
Program and purchases a Residence.
(10) Master Mortgage Origination Agreement--The contract
between the Department and a Mortgage Lender, together with any amendments
thereto, setting forth certain terms and conditions relating to the
origination and sale of Mortgage Loans by the Mortgage Lender and
the financing of such Mortgage Loans by the Department.
(11) Mortgage Lender--the entity, as defined in §2306.004
of the Tex. Gov't Code, that is participating in the Program and signatory
to the Master Mortgage Origination Agreement.
(12) Participation Packet--The application submitted
to the Department by the proposed Mortgage Lender to participate in
the Program.
(13) Program--The Texas First Time Homebuyer Program.
(14) Purchase Price Limit--The Purchase Price Limits
published and updated from time to time in the "Combined Income and
Purchase Price Limits Table" found on the Department's website equal
to 90% of the Average Area Purchase Price, subject to certain exceptions
for Targeted Area Loans.
(15) Qualified Veteran Exemption to First Time Homebuyer
Requirement--A qualified veteran who has not previously received financing
as a First Time Homebuyer through a single family mortgage revenue
bond program is exempt from the requirement to be a First Time Homebuyer.
The veteran must certify that he or she has not previously obtained
a Mortgage Loan financed by single family mortgage revenue bonds,
and is utilizing the veteran exception set forth in §143(d)(2)(D)
of the IRS Code. Qualified veterans must also complete a worksheet
evidencing qualification as a veteran and provide copies of discharge
papers.
(16) Regulations--The applicable proposed, temporary
or final Treasury Regulations promulgated under the Code or, to the
extent applicable to the Code, under the Internal Revenue Code of
1954, as such regulations may be amended or supplemented from time
to time.
(17) Residence--A dwelling in Texas in which an Applicant
intends to reside as the Applicant's principal living space. This
is intended to have the same meaning as Home as defined in §2306.1071
of the Tex. Gov't Code.
(18) Rural Housing Service--A division of the United
States Department of Agriculture, also known as RHS.
(19) Targeted Area--A qualified census tract, as determined
in accordance with §6(a)103A-(2)(b)(4) of the Regulations or
any successor regulations thereto, or an Area of Chronic Economic
Distress. Applicants purchasing in Targeted Areas may have higher
income and purchase price limits as set forth in the "Combined Income
and Purchase Price Limits Table" found on the Department's website.
(20) Targeted area exemption to First time Homebuyer
Requirement--Applicants purchasing homes in targeted areas financed
through the program are exempt from the requirement to be a First
Time Homebuyer and income and purchase price limits may be higher
as found in the "Combined Income and Purchase Price Limits Table"
located on the Department's website.
(21) United States Department of Veterans Affairs--Also
known as VA.
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