Fees; First Lien; Residence; Standards; Purposes; etc Sample Clauses

Fees; First Lien; Residence; Standards; Purposes; etc. Each Mortgage Loan will be made by the Mortgage Lender at a price and with fees, if any, consistent with the Program Manual, will be secured by a Mortgage which shall constitute a first mortgage lien on a Single Family Residence occupied by the Mortgagor as such Mortgagor’s permanent place of residence and will be located within the boundaries of the State, will be made substantially in accordance with Xxxxxx Mae’s underwriting guidelines and policies, the underwriting standards set forth in the GNMA Guide or the Pool Purchase Contract, as applicable, and the requirements established hereby, subject to acceptance of insurer under the FHA Insurance or VA Guarantee Policy or USDA Rural Development Guarantee Policy or PMI Insurer’s Policy, will be made for the purpose of purchasing or providing permanent financing for the Purchase Price of such residence and not for the purpose of refinancing any existing loan (other than a construction, bridge or similar temporary financing with a maximum term of twenty-four (24) months in anticipation of the Authority’s financing), will have substantially level payments due the first day of each month (which payments shall include amounts for deposit in the Escrow Account to provide for the timely payment of taxes and insurance) which will amortize the principal to a final maturity as specified in the Program Manual, will be made to an Eligible Mortgagor, and will contain the assumption restrictions required by Section 5.02 hereof.
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