Haw. Code R. § 15-161-2
Whenever used in these rules and the procedural guide, unless the context otherwise requires:
"Annualized gross income" means gross monthly income multiplied by twelve.
"Bonds" means the revenue bonds issued to finance all or any part of the advance commitment program, the loans to lenders program, the purchase of existing loans programs, and the eligible loan funding program authorized under part III, chapter 2016, HRS.
"Corporation" means the housing and community development corporation of Hawaii.
"Eligible borrower" means a person who:
(1) Is a citizen of the United States or a declarant alien;
(2) Is a bona fide resident of the State;
(3) Is 18 years or older;
(4) If single or married, does not own or have any interest, either jointly or severally, in a principal residence or a beneficial interest in a land trust on a principal residence, anywhere for a period three years prior to the date of application for an eligible loan, or if a single parent household as defined under section 2016-181, HRS, will be exempted from this requirement.
(5) Has not been granted a previous loan under part III, chapter 2016, HRS;
(6) Does not have a family income exceeding the income requirements of section 143(f) of the Internal Revenue Code of 19 86, as amended.
"Eligible loan" means any residential mortgage loan to an eligible borrower as defined in part III, chapter 2010, HRS, provided, the property to be financed shall be insured or guaranteed by the Federal Housing Administration the Veterans Administration, the Farmers Home Administration, or private mortgage insurers as approved by the corporation.
"Family income" means the annualized gross income of an eligible borrower (or borrowers).
"Land trust" means a recorded instrument as defined in chapter 558, HRS.
"Mortgage lender" means a mortgage lender as defined in part III, chapter 2016, HRS.
"Mortgage purchase agreement" means an agreement between, the corporation and a mortgage lender, in the form prescribed by the corporation, by which the corporation agrees to purchase eligible loans on the terms and conditions set forth in the agreement. The form of the mortgage purchase agreement shall be available for inspection at the principal office of the corporation during the normal business hours.
"Mortgage servicing agreement" means an agreement between the corporation and a servicer in the form as may be prescribed by the corporation to service eligible loans. The form of the mortgage servicing agreement shall be available for inspection at the principal office of the corporation during normal business hours.
"One unit family dwelling" means real estate upon which is located a structure or structures designed for residential use and consisting of one dwelling unit.
"Procedural guide" means the set of instructions, guidelines, terms and conditions for the origination and sale of eligible loans to the corporation and for the servicing of the eligible loans, in such form as may be prescribed by the corporation to be used by the mortgage lender.
"Rule" means the provisions under these rules adopted pursuant to part III, chapter 2016, and chapter 91, HRS.
"Servicer" means a mortgage lender or its designee, approved by the corporation, who has executed a mortgage servicing agreement with the corporation.
"State" means the State of Hawaii.
Haw. Code R. § 15-161-2