2010 Wisconsin Code
Chapter 45. Veterans' affairs, benefits and memorials.
45.31 Definitions.

45.31

45.31 Definitions. In this subchapter:

45.31(1)

(1) "Anticipated annual shelter payment" means the total annual payments anticipated for the following, as determined by the department or authorized lender on the basis of the loan applied for under s. 45.37:

45.31(1)(a)

(a) Real estate taxes on the premises to be mortgaged.

45.31(1)(b)

(b) Insurance premiums for coverage required under s. 45.37 (3) (b).

45.31(1)(c)

(c) Required payments on principal and interest on all mortgages placed or to be placed against the home of an eligible person.

45.31(2)

(2) "Authority" means the Wisconsin Housing and Economic Development Authority.

45.31(3)

(3) "Authorized lender" means any lender or servicer authorized under s. 45.37 (5) (a) 5. to make or service loans under s. 45.37.

45.31(4)

(4) "Closing costs" include:

45.31(4)(a)

(a) Any origination fee authorized under s. 45.37 (5) (b).

45.31(4)(b)

(b) Attorney fees.

45.31(4)(c)

(c) Recording fees.

45.31(4)(d)

(d) Other costs authorized by the department.

45.31(5)

(5) "Eligible person" means any person eligible under s. 45.33 (1) and not disqualified under s. 45.33 (2) to receive a loan under this subchapter.

45.31(6)

(6) "Federal Home Loan Mortgage Corporation" means the corporation created under 12 USC 1451 to 1459.

45.31(7)

(7) "Funds" include cash on hand and liquid investments owned by the veteran and his or her spouse, individually or jointly, unless the veteran and spouse are legally separated under s. 767.35 (1).

45.31(8)

(8) "Guaranteed loan" means a loan guaranteed by the U.S. department of veterans affairs under 38 USC 1801 to 1827.

45.31(9)

(9) "Home" means a building or portion of a building used by the veteran as a residence, and includes condominiums and income-producing property, a portion of which is used as a principal place of residence by the veteran, and the land, including existing improvements, appertaining to the building.

45.31(10)

(10) "Income" means the sum of the federal adjusted gross income plus any income received that may reasonably be expected to be regular and dependable.

45.31(11)

(11) "Insurer" means any insurer authorized to do business in this state.

45.31(12)

(12) "Manufactured home" means a manufactured home, as defined in s. 101.91 (2).

45.31(13)

(13) "Monthly payment" means all of the following:

45.31(13)(a)

(a) Required payments on principal and interest.

45.31(13)(b)

(b) Insurance premiums for coverage required under s. 45.37 (3) (b).

45.31(13)(c)

(c) One-twelfth of annual real estate taxes on the mortgaged property.

45.31(14)

(14) "Qualified purpose" means any purpose authorized under s. 45.34 (1).

45.31(15)

(15) "Qualified veterans' mortgage bonds" means federally tax-exempt bonds issued under the authority of 26 USC 143.

45.31 - ANNOT.

History: 2005 a. 22, 25; 2007 a. 11, 96.

45.31 - ANNOT.

Cross Reference: See also ch. VA 4, Wis. adm. code.

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