Definitions and abbreviations.

CFR · 2024-01-01 · US · Title 7

The definitions and abbreviations in this section apply to this part. (1) A person who is the head, spouse, or sole member of a household and who is 62 years of age or older, or who is disabled, and is an applicant or borrower; (2) Two or more persons who are living together, at least one of whom is age 62 or older, or disabled, and who is an applicant or borrower; or (3) Where the deceased borrower or spouse in a household was at least 62 years old or disabled, the surviving household member shall continue to be classified as an elderly household for the purpose of determining adjusted income, even though the surviving members may not meet the definition of an elderly family on their own, provided: (i) They occupied the dwelling with the deceased household member at the time of the death; (ii) If one of the surviving household members is the spouse of the deceased household member, the surviving household shall be classified as an elderly family only until the remarriage or death of the surviving spouse; and (iii) At the time of the death of the deceased household member the dwelling was financed with a Guaranteed Rural Housing loan. (1) An individual who has had no ownership interest in a principal residence during the three-year period ending on the date of loan closing. (2) An individual who is a displaced homemaker and who, except for owning a home with a spouse, has had no ownership interest in a principal residence during the three-year period ending on the date of loa

official document · source cfr-2024 · id 7:§ 3555.10