Definitions applicable to qualifying commercial loans, qualifying commercial real estate loans, and qualifying automobile loans.

CFR · 2024-01-01 · US · Title 12

The following definitions apply for purposes of §§ 244.15 through 244.18: (1) Means any loan to an individual to finance the purchase of, and that is secured by a first lien on, a passenger car or other passenger vehicle, such as a minivan, van, sport-utility vehicle, pickup truck, or similar light truck for personal, family, or household use; and (2) Does not include any: (i) Loan to finance fleet sales; (ii) Personal cash loan secured by a previously purchased automobile; (iii) Loan to finance the purchase of a commercial vehicle or farm equipment that is not used for personal, family, or household purposes; (iv) Lease financing; (v) Loan to finance the purchase of a vehicle with a salvage title; or (vi) Loan to finance the purchase of a vehicle intended to be used for scrap or parts. (1) For acquisition funding, the lesser of the purchase price or the estimated market value of the real property based on an appraisal that meets the requirements set forth in § 244.17(a)(2)(ii); or (2) For refinancing, the estimated market value of the real property based on an appraisal that meets the requirements set forth in § 244.17(a)(2)(ii). (1) Loan to purchase or refinance a one-to-four family residential property; (2) Commercial real estate loan. (1) A loan secured by a property with five or more single family units, or by nonfarm nonresidential real property, the primary source (50 percent or more) of repayment for which is expected to be: (i) The proceeds of the sale, refinancing,

official document · source cfr-2024 · id 12:§ 244.14