Common use of Eligible Borrower Clause in Contracts

Eligible Borrower. Any policeman or fireman (see attached definition) included in the membership of the retirement system who at the time of application is employed by the State of New Jersey, county, municipality or other political subdivision with at least one year creditable service. Employee eligibility will be documented with the Verification of Employment (VOE). Employers will be required to sign an eligibility certification on the VOE. A. Homebuyers who have not had an ownership interest in a principal residence at anytime during the three years prior to which the mortgage is executed. B. In cases of divorce or separation, a spouse who does not retain title to the family house (non-­‐occupant spouse) may be exempt from the first time Homebuyer requirement. Title to the marital home must transfer to the occupant spouse and a release of liability obtained. C. Inherited residential property, disposed of prior to closing, does not constitute present homeownership.

Eligible Borrower. Any policeman or fireman (see attached definition) included in the membership of the retirement system who at the time of application is employed by the State of New Jersey, county, municipality or other political subdivision with at least one year creditable service. Employee eligibility will be documented with the Verification of Employment (VOE). Employers will be required to sign an eligibility certification on the VOE. A. Homebuyers who have not had an ownership interest in a principal residence at anytime during the three years prior to which the mortgage is executed. B. In cases of divorce or separation, a spouse who does not retain title to the family house (non-­‐occupant non-occupant spouse) may be exempt from the first time Homebuyer requirement. Title to the marital home must transfer to the occupant spouse and a release of liability obtained. C. Inherited residential property, disposed of prior to closing, does not constitute present homeownership.