Wisconsin § 234.59 - Homeownership mortgage loan program.

§ 234.59. Homeownership mortgage loan program.

234.59(1) (1) Definitions. In this section: 234.59(1)(a) (a) “Authorized lender” means a bank, savings bank, savings and loan association, credit union or mortgage banker. 234.59(1)(d) (d) “Eligible property” means any of the following: 234.59(1)(d)1. 1. A residential structure having a single dwelling unit, if the structure is or will be the principal residence of an applicant. 234.59(1)(d)2. 2. A residential structure having no more than 4 dwelling units, if one of the units is or will be the principal residence of an applicant and the structure is an existing dwelling first occupied at least 5 years before execution of a homeownership mortgage loan secured by the dwelling. 234.59(1)(d)3. 3. A dwelling unit in a condominium, a cooperative, or an unincorporated cooperative association, together with an interest in common areas, if the unit is or will be the principal residence of an applicant. 234.59(1)(d)4. 4. A residential structure having 2 dwelling units, if one of the units will be the principal residence of an applicant. 234.59(1)(e) (e) “Existing dwelling” means a previously occupied dwelling. 234.59(1)(f) (f) “Homeownership mortgage loan” means a loan to finance the construction, long-term financing or qualified rehabilitation of an eligible property by an applicant. 234.59(1)(h) (h) “Mortgage banker” means a mortgage banker licensed under s.