Mortgage Loan Terms. Mortgage Loans shall be made only to Eligible Persons and Families, as defined herein, for the purpose of providing financing for the purchase of a Single Family Residence at an Acquisition Price not in excess of the Maximum Acquisition Price for such Single Family Residence and not for the purpose of refinancing any existing loan or a construction period loan, bridge loan or similar temporary initial financing of 24 months or less. There shall be no minimum principal amount required for Mortgage Loans, and no application for a Mortgage Loan shall be rejected solely on the basis that the principal amount is too low.
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Samples: Master Mortgage Origination Agreement, Master Mortgage Origination Agreement, Master Mortgage Origination Agreement
Mortgage Loan Terms. Mortgage Loans shall be made only to Eligible Persons and Families, as defined hereinherein and in the Invitation, for the purpose of providing financing for the purchase of a Single Family Residence Residence, at an Acquisition Price not in excess of the Maximum Acquisition Price for such Single Family Residence Residence, and not for the purpose of refinancing any existing loan loan, or a construction period loan, bridge loan or similar temporary initial financing of 24 months or less. There shall be no minimum principal amount required for Mortgage Loans, and no application for a Mortgage Loan shall be rejected solely on the basis that the principal amount is too low.
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