As used in this part:
(1)(1)(a) "First-time homebuyer" means an individual who satisfies:
(1)(a)(i) the three-year requirement described in Section 143(d) of the Internal Revenue Code of 1986, as amended, and any corresponding federal regulations; and
(1)(a)(ii) requirements made by the corporation by rule, as described in Section 63H-8-502.
(1)(b) "First-time homebuyer" includes a single parent, as defined by the corporation by rule made as described in Section 63H-8-502, who would meet the three-year requirement described in Subsection (1)(a)(i) but for a present ownership interest in a principal residence in which the single parent:
(1)(b)(i) had a present ownership interest with the single parent's former spouse during the three-year period;
(1)(b)(ii) resided while married during the
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As used in this part:
(1) (1)(a) "First-time homebuyer" means an individual who satisfies:
(1)(a)(i) the three-year requirement described in Section 143(d) of the Internal Revenue Code of 1986, as amended, and any corresponding federal regulations; and
(1)(a)(ii) requirements made by the corporation by rule, as described in Section 63H-8-502.
(1)(b) "First-time homebuyer" includes a single parent, as defined by the corporation by rule made as described in Section 63H-8-502, who would meet the three-year requirement described in Subsection (1)(a)(i) but for a present ownership interest in a principal residence in which the single parent:
(1)(b)(i) had a present ownership interest with the single parent's former spouse during the three-year period;
(1)(b)(ii) resided while married during the three-year period; and
(1)(b)(iii) no longer:
(1)(b)(iii)(A) has a present ownership interest; or
(1)(b)(iii)(B) resides.
(2) "Home equity amount" means the difference between:
(2)(a) (2)(a)(i) in the case of a sale, the sales price for which the qualifying residential unit is sold by the recipient in a bona fide sale to a third party with no right to repurchase less an amount up to 1% of the sales price used for seller-paid closing costs; or
(2)(a)(ii) in the case of a refinance, the current appraised value of the qualifying residential unit; and
(2)(b) the total payoff amount of any qualifying mortgage loan that was used to finance the purchase of the qualifying residential unit.
(3) "Program" means the First-Time Homebuyer Assistance Program created in Section 63H-8-502.
(4) "Program funds" means money appropriated for the program.
(5) "Qualifying mortgage loan" means a mortgage loan that:
(5)(a) is purchased by the corporation; and
(5)(b) is subject to a document that is recorded in the office of the county recorder of the county in which the residential unit is located.
(6) "Qualifying residential unit" means a residential unit that:
(6)(a) is located in the state;
(6)(b) is new construction or newly constructed but not yet inhabited;
(6)(c) is financed by a qualifying mortgage loan;
(6)(d) is owner-occupied within 60 days of purchase, or in the case of a two-unit dwelling, at least one unit is owner-occupied within 60 days of purchase; and
(6)(e) is purchased for an amount that does not exceed:
(6)(e)(i) $450,000; or
(6)(e)(ii) if applicable, the maximum purchase price established by the corporation under Section 63H-8-502.
(7) "Recipient" means a first-time homebuyer who receives program funds.
(8) (8)(a) "Residential unit" means a house, condominium, townhome, or similar residential structure that serves as a one-unit dwelling or forms part of a two-unit dwelling.
(8)(b) "Residential unit" includes a manufactured home or modular home that is attached to a permanent foundation.