Common use of Property/Loan Eligibility Criteria Clause in Contracts

Property/Loan Eligibility Criteria. Current, unpaid principal balance (“UPB”) (includes the interest- bearing unpaid principal balance and any existing non-interest bearing forbearance balance) of the first-lien mortgage loan is not greater than $729,750. • The property securing the first-lien mortgage loan must not be abandoned, vacant or condemned. • The applicant must own and occupy the single family, 1-4 unit home (an attached or detached house or a condominium unit) located in California and it must be their primary residence. Mobile homes are eligible if they are permanently affixed to the real property that is secured by the first lien. • A pre-assistance loan-to-value (“LTV”) ratio of 120% or greater is considered a hardship indicative of imminent default. • If a qualifying, first-lien mortgage loan is delinquent, the servicer must utilize the PRP monies to bring the first-lien mortgage loan current before applying PRP monies to the homeowner’s principal balance. • The servicer will reduce the qualifying principal balance in conjunction with a loan recast or loan modification in the amount needed (up to the maximum per household assistance) to help the homeowner establish an appropriate level of affordability and mortgage debt per CalHFA MAC guidelines. Such loan recasts or modifications must meet the CalHFA MAC modification and program guidelines. • Servicer may apply PRP monies as a stand-alone curtailment to reduce the homeowner’s UPB in order to help the homeowner establish an appropriate level of mortgage debt as determined by CalHFA MAC only when all five of the following conditions exist: o Loan restricts a loan recast or modification, o Pre-assistance LTV ratio is 120% or greater, o Such homeowner must not have assets (excluding retirement assets) equal to or greater than the amount of PRP assistance, o Pre-assistance mortgage payment meets CalHFA MAC’s definition of an Affordable Payment, and o Post-assistance LTV ratio is greater than 100%. • Loans in foreclosure may be eligible.

Property/Loan Eligibility Criteria. Current, unpaid principal balance (“UPB”) (includes the interest- bearing unpaid principal balance and any existing non-interest bearing forbearance balance) of the first-lien mortgage loan is not greater than $729,750. • The property securing the first-lien mortgage loan must not be abandoned, vacant or condemned. • The applicant must own and occupy the single family, 1-4 unit home (an attached or detached house or a condominium unit) located in California and it must be their primary residence. Mobile homes are eligible if they are permanently affixed to the real property that is secured by the first lien. • A pre-assistance loan-to-value (“LTV”) ratio of 120% or greater is considered a hardship indicative of imminent default. • If a qualifying, first-lien mortgage loan is delinquent, the servicer must utilize the PRP monies to bring the first-lien mortgage loan current before applying PRP monies to the homeowner’s principal balance. • The servicer will Servicer shall apply PRP monies to reduce the qualifying principal balance in conjunction with a loan recast or loan modification in the amount needed (up to the maximum per household assistance) to help the homeowner establish an appropriate level of affordability and mortgage and/or debt per CalHFA MAC guidelines. Such loan modifications or recasts or modifications must meet the CalHFA MAC modification and program guidelines. • Servicer may apply PRP monies as a stand-alone curtailment to reduce the homeowner’s UPB in order to help the homeowner establish an appropriate level of mortgage debt as determined by CalHFA MAC only when all five four of the following conditions exist: o Loan restricts a loan recast or modification, o Pre-assistance LTV ratio is 120% or greater, o Such homeowner must not have assets (excluding retirement assets) equal to or greater than the amount of PRP assistance, and o Pre-assistance mortgage payment meets CalHFA MAC’s definition of an Affordable Payment, and o Post-assistance LTV ratio is greater than 100%. • Loans in foreclosure may be eligible.