Minnesota Legislature

Office of the Revisor of Statutes

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Part 4900.1315

Version List

4900.1315 DEFINITIONS.

Subpart 1.

Scope.

The terms used in parts 4900.1300 to 4900.1390 have the meanings given them in this part.

Subp. 2.

Agency.

"Agency" means the Minnesota Housing Finance Agency.

Subp. 2a.

At-risk home buyer.

"At-risk home buyer" means an individual or family who is homeless, receiving public assistance, or would otherwise be unable to afford homeownership through sources other than the program pursuant to criteria or standards established by an eligible organization and accepted by the agency.

Subp. 3.

Entry costs.

"Entry costs" means the financial requirements other than first mortgage loan proceeds needed to purchase residential real property, including required down payment, closing costs, mortgage insurance premium, origination fee, and other costs and expenses.

Subp. 4.

First mortgage loan.

"First mortgage loan" means a real estate loan that has priority over all other voluntary liens against certain real property.

Subp. 5.

Mortgage revenue bonds.

"Mortgage revenue bonds" means tax-exempt bonds issued by public entities payable from revenues derived from repayment of principal and interest on mortgage loans that were financed from the proceeds of the bonds.

Subp. 6.

Participation interest.

"Participation interest" means a percentage or specified monetary interest in a first mortgage loan that is shared by more than one lender.

Subp. 7.

[Repealed, 20 SR 2252(NO. 42)]

Subp. 8.

Purchase price.

"Purchase price" means the contract price paid or payable by the buyer to the seller for the purchase of a property covered by a first mortgage loan.

Subp. 9.

Recipient.

"Recipient" means a person or household receiving homeownership assistance fund loans as described in part 4900.1375, subparts 2 to 8.

Subp. 10.