Qualified Mortgage Bond Law and Legal Definition
A qualified mortgage bond is a type of tax-exempt private activity bond. The proceeds from a qualified mortgage bond are generally used for providing financial assistance to single-family residential property. Hence the proceeds from a qualified mortgage bond can be used for purchasing, making improvement, or for rehabilitating an owner-occupied residence. It can also be used for financing qualified home-improvement loans. Such proceeds do not include the issuance costs and reasonably required reserves.
The following is an example of a state statute defining the term qualified mortgage bond. According to [26 USCS § 143 (a)(1)], the term "qualified mortgage bond" means a bond which is issued as part of a qualified mortgage issue.
Legal Definition list
- Qualified Military Counsel
- Qualified Mental Health Professionals
- Qualified Member [Federal Elections]
- Qualified Medical Personnel
- Qualified Medical Child Support Order QMCSO
- Qualified Mortgage Bond
- Qualified Mortgage Issue
- Qualified Moving Expense Reimbursement
- Qualified National Organization Representing Handler Interests
- Qualified National Organization Representing Importer Interests
- Qualified Natural Gas from Geopressured Brine [Internal Revenue]
Related Legal Terms
- Accrual Bond
- Additional Bond Test
- Adjustable Rate Mortgage
- Adjustable Rate Mortgage Caps
- Adjustable Rate Mortgage Loan
- Adjustment Bond
- Alternate Payee to Qualified Domestic Relations Order
- Alternative Mortgage Instruments (ATI)
- Alternative Mortgage Transaction [Banks & Banking]
- American Municipal Bond Assurance Corporation
