12 Guam Code Ann. § 4402
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Terms Used In 12 Guam Code Ann. § 4402
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
To qualify for the program set out in this Article, the applicant must be a qualified resident and First-time Home Owner as defined in this Chapter. Applicants must demonstrate that they will not be able to obtain first mortgage loans from mortgage lending institutions on the basis of not having sufficient assets to use as a Down Payment for the loans. Those applicants that demonstrate that they will not be able to obtain a first mortgage loan but can be approved by a mortgage lending institution if they obtain a mortgage loan guarantee from GHC are eligible for a loan guarantee under this Article; provided, that the mortgage lending institution approves the applicant contingent upon the approval of a loan guarantee from GHC.