Wisconsin Administrative Code
Department of Veterans Affairs
Chapter VA 12 - Personal Loan Program
Section VA 12.01 - Definitions
Current through February 26, 2024
In this chapter:
(1) "Annual income" means current monthly income multiplied by 12.
(2) "Annual shelter payment" means the total annual payments anticipated for rental of living quarters, or if the applicant is the owner of a homestead, principal and interest payments on all loans against the homestead and real estate taxes and hazard insurance payments on the homestead, and the owner's share of expenses for the common elements. "Annual shelter payment" includes monthly mobile home parking fees if the homestead is a mobile home located on land not owned by the applicant and includes holding tank pumping fees if the applicant's homestead has a septic disposal system which relies on a holding tank.
(3) "Applicant" means a person who is eligible and applies for a loan under s. 45.42, Stats. The term "applicant" also means the applicant and co-applicant, if there is a co-applicant, unless the context clearly limits the meaning to the applicant only.
(4) "Co-applicant" means either the spouse of an applicant who applies with that applicant for a loan or a person, other than a spouse of the applicant, who is eligible for a loan under s. 45.42, Stats., and who chooses to apply with the applicant.
(5) "Current monthly income" means all of the applicant's regular and dependable adjusted gross income, converted to a monthly amount.
(6) "Date of application" means the date a loan application, as determined under s. VA 12.02 (2), is accepted by the department.
(8) "Educational loan" means a personal loan program loan in which payments are deferred under the provisions of s. VA 12.06.
(9) "Personal loan program loan" or "loan" means a loan approved under s. 45.42, Stats. and this chapter.
(10) "Total debt payments" means 1/12 of an applicant's annual shelter payment and monthly repayments required on debts with 13 or more remaining monthly payments due at the time of application for a personal loan program loan. "Total debt payments" includes 5 percent of the applicant's total indebtedness on which regular monthly payments are not required except when the applicant has sufficient verified assets to repay the indebtedness.
(11) "Unremarried spouse" means an applicant whose basis of eligibility is marriage to a veteran at the time of the veteran's death.
