As used in this part:
(1)
(a) "First-time homebuyer" means an individual who satisfies:
(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
(ii) requirements made by the corporation by rule, as described in Section 63H-8-502.
(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:
(i) had a present ownership interest with the single parent's former spouse during the three-year period;
(ii) resided while married during the three-year period; and
(iii) no longer:
(A) has a present ownership interest; or
(B) resides.
(2) "Home equity amount" means the difference between:
(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
(ii) in the case of a refinance, the current appraised value of the qualifying residential unit; and
(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:
(a) is purchased by the corporation; and
(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:
(a) is located in the state;
(b) is new construction or newly constructed but not yet inhabited;
(c) is financed by a qualifying mortgage loan;
(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
(e) is purchased for an amount that does not exceed:
(i) $450,000; or
(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)
(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.
(b) "Residential unit" includes a manufactured home or modular home that is attached to a permanent foundation.