Mortgage Loan Terms. Mortgage Loans shall be made only to Eligible Mortgagors for the purpose of financing the Purchase Price of a Single Family Residence, and not for the purpose of refinancing any existing loan except a construction loan, bridge loan or similar temporary initial financing (with a maximum term of twenty-four (24) months). Each Mortgage Loan to be sold to the Servicer must be evidenced by a Mortgage Note secured by a first mortgage lien on a fee simple interest in the Single Family Residence acquired thereby, subject only to Permitted Encumbrances, and made substantially in accordance with the Mortgage Lender’s then-current underwriting policies and (i) the underwriting policies of FHA or VA, as applicable, and all other requirements established by this Agreement and the then-current criteria set forth in the GNMA Guide, or (ii) the requirements of FHA, VA, USDA Rural Development, or the PMI Insurer and Xxxxxxx Mac or Xxxxxx Mae, as applicable, and, in any event, subject to final review by the Servicer hereunder and under the Servicing Agreement. All Mortgage Loans shall be insured by FHA or guaranteed by VA or USDA Rural Development, or insured by the PMI Insurer, or have a loan to value ratio acceptable to Xxxxxxx Mac or Xxxxxx Mae, as applicable. Each Mortgage Loan (i) will bear interest at the Loan Rate, (ii) will provide for substantially level monthly payments due the first day of each month (which payments shall include amounts for deposit in the Escrow Account to provide for timely payment of taxes and insurance), (iii) will mature in not more than thirty (30) years, as specified in the Program Manual, (iv) will be assumable only under the terms and conditions set forth in Section 5.02 hereof, (v) will comply in all respects to the GNMA Guide and FHA, VA or USDA Rural Development rules and regulations, or to the requirements of the PMI Insurer and Xxxxxxx Mac or Xxxxxx Mae, as applicable, (vi) will be in a principal amount not exceeding such amount as conforms to the applicable limitations of FHA, VA, USDA Rural Development or the PMI Insurer and Xxxxxxx Mac or Xxxxxx Mae, as applicable, and the GNMA Guide, the Xxxxxxx Mac Guide and the Xxxxxx Mae Guide, and (vii) will be the subject of a mortgagee’s title guarantee certificate stating that the Mortgage is a valid first lien on the Single Family Residence, subject only to Permitted Encumbrances. With respect to clause (iv) of the preceding sentence, each Mortgage shall have attached to it written provi...
Mortgage Loan Terms. (a) Mortgage Loans shall be made only to Eligible Borrowers for the purpose of providing financing for the purchase of an Eligible Residence, and not for the purpose of refinancing any existing loan other than construction period loans, bridge loans, or similar temporary financing having a stated maturity date within 24 months after the date the loan was closed unless otherwise permitted under the Program Documents.
Mortgage Loan Terms. Each Mortgage Loan: shall be made to an Eligible Borrower to provide financing for a Qualified Residence; shall be evidenced by a Note and secured by a Deed of Trust creating a first lien on such Qualified Residence, subject to Permitted Encumbrances; shall bear interest for the term thereof specified in the related Notice of Final Allocation or Notice of Availability of Funds or at such other rate as may be authorized by the Division, which interest shall be payable in arrears; shall have the term specified in the applicable Program Supplement and shall provide for level monthly payments and full amortization over the term thereof; shall provide for payments to be due and payable on the first day of each month and for an initial principal payment not later than the first day of the second month following the Closing Date; shall be in a principal amount and have a loan-to-value ratio not exceeding such amounts as conform to the eligibility and credit underwriting standards specified herein and the limitations of FHA, RHS, VA, Xxxxxx Mae, Xxxxxxx Mac or a PMI Insurer, as applicable, and the Xxxxxx Mae Guide or, in the case of a Conventional Mortgage Loan, the Xxxxxx Xxx Guides or the Xxxxxxx Mac Guides as of the Closing Date; shall be the subject of FHA Insurance, a VA Guaranty in the maximum amount allowable by VA regulations, an RHS Guaranty in the maximum amount allowable by RHS regulations, or, in the case of a Conventional Mortgage Loan, Private Mortgage Guaranty Insurance if required under the Xxxxxx Xxx Guides or the Xxxxxxx Mac Guides; shall comply in all respects with the requirements of the Xxxxxx Xxx Guide, Xxxxxx Mae Guides or Xxxxxxx Mac Guides, as applicable, so as to permit inclusion in a Xxxxxx Mae Pool, a Xxxxxx Xxx Pool or a Xxxxxxx Mac Pool; shall be the subject of a Title Policy; shall pertain to mortgaged property that is covered as of the Closing Date by any required standard hazard insurance policy and flood insurance policy, in such amounts and meeting the applicable requirements of FHA, VA, RHS, a PMI Insurer, Xxxxxx Xxx, Xxxxxx Xxx or Xxxxxxx Mac; shall have the Tax-Exempt Financing Rider attached to the Deed of Trust and duly executed by the Mortgagor; shall meet all the requirements set forth in Section 2.04 hereof; and shall have such other terms and conditions as may be required by the applicable Program Supplement.
Mortgage Loan Terms. Each Mortgage Loan:
Mortgage Loan Terms. Each Conforming Conventional Mortgage complies and will comply, in all respects, with all applicable requirements for purchase under the FNMA and/or FHLMC standard form of conventional selling contract and any supplement thereto then in effect.
Mortgage Loan Terms. Subject to the terms of the applicable Program Guidelines, each Mortgage Loan:
