Assumption Restrictions Sample Clauses

Assumption Restrictions. In any case in which a Single Family Residence subject to a Mortgage Loan other than a Conventional Mortgage Loan or a USDA Rural Development Loan has been or is about to be conveyed by the Mortgagor and the purchaser desires to assume all the rights and obligations of the Mortgagor under the Mortgage Loan, the Servicer may release (subject to any required FHA or VA approval, as applicable, and in accordance with currently-applicable FHA or VA rules and regulations, as the case may be) the original Mortgagor and take or enter into an assumption agreement from or with the person to whom such property has been or is about to be conveyed only if the Servicer so consents in writing; provided, however, that such assumption may only be permitted if, as of the date of the assumption: (i) the purchaser is an Eligible Mortgagor, subject also to the requirement of initial and continued occupancy of the Home as his or her primary residence, (ii) unless the Single Family Residence is located in a Targeted Area or another exception applies, the purchaser is a First-Time Homebuyer, (iii) the Purchase Price of the Single Family Residence does not exceed the Maximum Purchase Price then applicable for a Single Family Residence in the area of State where the residence is located, (iv) the Mortgage Loan continues to be insured under the insurance policies described in this Agreement and approved by the Servicer, (v) the purchaser’s current Annual Family Income does not exceed the then-current Maximum Household Income Limit, and (vi) the Mortgage Loan must continue to comply with the requirements of FHA and VA regulations, as applicable, and the GNMA Guide. The assumption restrictions shall be incorporated in the related Mortgage and kept as a part of the Mortgage File. In connection with any such assumption agreement, the interest rate of the related Mortgage Note shall not be changed; however, the Servicer may charge in connection with each assumption an assumption fee permitted by FHA or VA, as applicable, plus, to the extent permitted by law, the reasonable and customary out-of-pocket costs paid or incurred by the Mortgage Lender as specified in Section 4.05 hereof. All warranties and representations of the Mortgage Lender with respect to the Mortgage Loan shall continue in full force and effect after the assumption with respect to the period prior to the assumption as applied to the original Mortgagor. They shall also apply with respect to the period following the assump...
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Assumption Restrictions. In any case in which a Single-Family Residence subject to a Mortgage has been or is about to be conveyed by the Mortgagor and the purchaser desires to assume all the rights and obligations of the Mortgagor under the Mortgage Loan, the Servicer may release (subject to any required FHA, HUD, RD or VA or PMI Insurer and Xxxxxx Xxx or Xxxxxxx Mac approval, as applicable, and in accordance with currently applicable FHA, RD, HUD or VA or PMI Insurer and Xxxxxx Mae or Xxxxxxx Mac rules and regulations, as the case may be) the original Mortgagor and take or enter into an assumption agreement from or with the person to whom such property has been or is about to be conveyed only if Servicer so consents in writing; provided, however, that such assumption may only be permitted if:
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Assumption Restrictions. Assumption will only be permitted if consented to by the Local HFA and authorized by the Lender Manual.
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Assumption Restrictions. In any case in which a Residential Housing Unit has been or is about to be conveyed by Xxxxxxxxx and the purchaser desires to assume all the rights and obligations of Mortgagor under the Mortgage Loan, the Servicer is hereby authorized to release (subject to any required FHA, USDA/RD, VA, Xxxxxx Xxx, Xxxxxx Xxx or Xxxxxxx Mac approval, as applicable, and in accordance with the Code and the applicable FHA, USDA/RD, VA, Xxxxxx Mae, Xxxxxx Xxx or Freddie Mac rules and regulations) the original Mortgagor and take or enter into an assumption agreement from or with the person to whom such property has been or is about to be conveyed only if:
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Assumption Restrictions. In any case in which Real Estate subject to a Mortgage has been or is about to be conveyed by the Mortgagor and the purchaser desires to assume all the rights and obligations of the Mortgagor under the Mortgage, the Servicer shall enter into an assumption agreement with the person to whom such property has been or is about to be conveyed; provided, however, that the assumption agreement complies with the assumption restrictions contained in the Mortgage. The foregoing assumption restrictions (as well as any additional assumption restrictions required by FHA, RD, VA, PIH, the PMI Insurer, the GSE’s, as applicable) shall be incorporated in the Related Mortgage and kept as a part of the Mortgage File. In connection with any such assumption agreement, the interest rate of the Related Mortgage note shall not be changed; however, the Servicer may charge in connection with each assumption to the extent permitted by law or regulations of FHA, RD, VA, PIH, the PMI Insurer, the GSE’s, as applicable, a fee, which does not exceed the customary application fee for the assumption of Mortgages, plus the reasonable and customary out-of-pocket costs paid or incurred by the Servicer. Second Lien Mortgages are not assumable. An assumption shall be approved only if the following conditions are met:
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Assumption Restrictions. Subject to the terms of the related Mortgage Loan documents, in any case in which a residence financed by a Mortgage Loan originated under the Programs have been or are about to be conveyed by the Mortgagor and the purchaser desires to assume all the rights and obligations of the mortgagor under the Mortgage Loan, the Servicer shall enter into an assumption agreement with the person to whom such property has been or is about to be conveyed; provided that the Servicer shall not enter in any such assumption agreement until the Corporation or its agent has confirmed that the assumption meets all requirements of the applicable Program (including the Code requirements) relating to the assumption of a Mortgage Loan. The Corporation or its agent must confirm to the Servicer in writing such compliance prior to any assumption being completed. The foregoing assumption restrictions (as well as any additional assumption restrictions required by FHA, VA, RHS, Xxxxxx Mae or Xxxxxxx Mac) shall be incorporated in the related Mortgage and kept as a part of the related Mortgage Loan file. In connection with any such assumption agreement, the interest rate of the related Mortgage Note shall not be changed; however, the Servicer may charge in connection with each assumption to the extent permitted by law or regulations of FHA, VA, RHS, Xxxxxx Mae, or Xxxxxxx Mac, a fee, to be paid by or on behalf of the assumptors, plus the reasonable and customary out-of-pocket costs paid or incurred by the Servicer.
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Related to Assumption Restrictions

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