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The term existing structure refers to a dwelling or building that has been completed and occupied for at least 90 days before applying for a Title I loan. This includes residential homes, such as single-family houses and manufactured homes, as well as nonresidential buildings that serve a specific functional purpose. However, there are exceptions to these requirements for certain loans and damaged residential structures.
Table of content
Legal Use & context
In legal practice, the term existing structure is primarily used in the context of housing and urban development, particularly regarding Title I property improvement and manufactured home loans. Understanding this term is essential for individuals seeking financial assistance for home improvements or purchasing manufactured homes. Users can utilize legal templates from US Legal Forms to navigate the application process effectively.
Key legal elements
Real-world examples
Here are a couple of examples of abatement:
Example 1: A homeowner applies for a Title I loan to renovate their home, which they have lived in for over 90 days. They meet the criteria for an existing structure.
Example 2: A small business owner seeks a loan to improve their commercial building, which has been operational for more than 90 days. They qualify under the existing structure definition.
Relevant laws & statutes
The definition of existing structure is governed by Title 24 of the Code of Federal Regulations (CFR), specifically 24 CFR 201.2, which outlines the regulations for housing and urban development, including Title I loans.
Comparison with related terms
Term
Definition
Difference
New Structure
A building that has been completed and occupied for less than 90 days.
New structures do not qualify for Title I loans until they meet the occupancy requirement.
Manufactured Home
A dwelling built in a factory and transported to a site.
Manufactured homes can qualify as existing structures if they meet the occupancy requirement.
Common misunderstandings
What to do if this term applies to you
If you believe your property qualifies as an existing structure for a Title I loan, ensure that it has been occupied for at least 90 days. Gather necessary documentation and consider using US Legal Forms for templates that can help you with the loan application process. If your situation is complex, consulting a legal professional may be beneficial.
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Applicable structures: Residential and nonresidential
Disaster exemption: Applies to federally recognized damage
Key takeaways
Frequently asked questions
An existing structure is a dwelling or nonresidential building that has been completed and occupied for at least 90 days before applying for a Title I loan.
Yes, loans of $1,000 or less and residential structures damaged by federally recognized disasters are exempt from the occupancy requirement.
To apply for a Title I loan, ensure your property qualifies as an existing structure and gather the necessary documentation. Consider using legal templates from US Legal Forms for assistance.