Guam § 4200 - Definitions.

§ 4200. Definitions.

For purposes of this Article, the following terms are defined

to mean:

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(a) Adjusted annual income means the total family

income less five percent (5%) of such total family income

less Four Hundred Eighty Dollars ($480) for each

dependent.

(b) Appraised Value means the value of the home and

lot to be purchased or the value of the home and lot to be

constructed or renovated.

(c) Board means the board of directors of the Guam

Housing Corporation.

(d) Dependent means

(1) any child or individual under the age of

nineteen (19) over which the head of household of such

child or individual has legal guardianship; and

(2) any child or individual under the age of

twenty-five (25) over which the head of household of

such child or individual has legal guardianship, if such

child or individual is a full time student, or

(3) any individual, child, relative, or parent,

regardless of age, over which the head of household of

such person has an obligation to provide financial

support due to mental or physical incapacity.

(e) Down Payment means the equity requirements of

the homeowner needed to initiate the mortgage for the

purchase, construction or renovation of a home.

(f) Family Income means the total annual income

derived from all sources for each member of the family.

(g) Family means two (2) or more persons related by

blood, adoption or marriage, living together as a household.

(h) FHLMC means the Federal Home Loan Mortgage

Corporation, also known as Freddie Mac.

(i) Financial Institution means any financial institution

authorized to make mortgage loans.

(j) First-time Home Owner means any individual or

family who has not had any ownership interest in a

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residential dwelling within the five (5) years preceding the

date of application. Families or individuals who have had an

ownership interest in residential real property within the

five (5) year period preceding the date of application but

such interest was terminated by a decree of divorce or

operation of law qualify as First-time Home Owners.

(k) FNMA means the Federal National Mortgage

Association, also known as Fannie Mae.

(l) GHC means the Guam Housing Corporation.

(m) Government means the government of Guam.

(n) Home means any single family dwelling or single

family condominium or town house.

(o) Index Rate means the lower of the FNMA or

FHLMC rate.

(p) Individual means any unmarried person.

(q) Interest Free Loan means second mortgages made

by the Government that are to be repaid without interest

pursuant to the provisions of this Chapter.

(r) Loan means the loan made by the Financial

Institution or GHC to a family or individual pursuant to the

provisions of this Chapter.

(s) Loan to Value Ratio means the percentage derived

from the loan amount divided by the Maximum Price

Factor.

(t) Maximum Price Factor means the lesser of the

appraised value or the selling price of a Home purchased or

constructed under this Chapter, including the underlying

real estate.

(u) Real Estate Owned (REO) means property acquired

by a lender through foreclosure and held in inventory.

(v) Residential Real Property means real property

consisting of land and a dwelling which has been used as a

family’s or individual’s place of residence.

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(w) Selling Price means for purposes of this Chapter

the purchase price of a completed Home or the purchase

price of the lot and the construction cost of the Home to be

built on the lot.

2015 NOTE: Subsection designations in (d) were altered to adhere to the

Compiler’s alpha-numeric scheme pursuant to the authority granted by 1

GCA § 1606.