California Health and Safety Code 50068.5 – “First-time home buyer” means a person who is a purchaser of an …
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“First-time home buyer” means a person who is a purchaser of an owner-occupied housing unit and who neither has, nor has had, a present ownership in a principal residence at any time during the three-year period prior to the date on which the mortgage pursuant to this division is executed, except that this limitation shall not apply to a purchaser of a principal residence in a targeted area.
(Added by Stats. 1982, Ch. 320, Sec. 4. Effective June 29, 1982.)
Terms Used In California Health and Safety Code 50068.5
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Person: means any person, firm, association, organization, partnership, business trust, corporation, limited liability company, or company. See California Health and Safety Code 19