234.59 Homeownership mortgage loan program.
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/wi/chapter-234/234-59-2A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
234.59 Homeownership mortgage loan program.
(1)Definitions. In this section:
(a)“Authorized lender” means a bank, savings bank, savings and loan association, credit union or mortgage banker.
(d)“Eligible property” means any of the following:
1. A residential structure having a single dwelling unit, if the structure is or will be the principal residence of an applicant.
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.
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.
4. A residential structure having 2 dwelling units, if one of the units will be the principal residence of an applicant.
(e)“Existing dwelling” means a previously occupied dwelling.
(f)“Homeownership mortgage loan” means a loan to finance the construction, long-term financing or qualified rehabilitation of an eligible property by an applicant.
(h)“Mortgage banker” means a mortgage banker licensed under s. 224.72 , but does not include a person licensed under s. 138.09 .