Guam § 4601 - Definitions.

§ 4601. Definitions.

As used in this Article:

(a) Eligible mortgagors means persons and families

eligible under the criteria of §143 of the Internal Revenue

Code of 1986 to receive mortgage loans financed with the

proceeds of bonds the interest on which is excludable from

gross income for Federal income tax purposes, or if such

section is no longer effective or is materially modified, such

criteria as may be established by the Board to further the

purposes of this Article.

(b) Home means any single family detached home,

townhouse, condominium unit or two, three and four family

dwelling that is to be purchased or improved by an eligible

mortgagor and that is located in Guam.

(c) Home mortgage means an interest-bearing loan

that is made to an eligible mortgagor, which finances the

purchase or improvement of a home, is secured by a

mortgage, and has an original principal amount not greater

than the then current limit for mortgage loans for homes in

Guam under the United States Department of Housing and

Urban Development mortgage insurance programs

authorized under §§ 203(b) or 203(k) of the National

Housing Act, or if such programs are no longer in operation

to insure new mortgages, such limit as may be established

by the Board to further the purposes of this Article.

(d) Lending institution means any public or private

entity or governmental agency approved by the Housing

Corporation and authorized by law to make or participate in

making residential loans in Guam.

COL9/7/2021

(e) Mortgage means a mortgage, deed of trust or other

security instrument which shall constitute a lien on real

property in fee simple or on a leasehold under a lease

having a remaining term of a duration necessary to protect

the interest of the mortgagee thereunder, as determined by

the Housing Corporation.

(f) Mortgage-backed security means any security,

whether guaranteed or not, backed by one (1) or more home

mortgages or pools consisting of home mortgages.