Common use of Property/Loan Eligibility Criteria Clause in Contracts

Property/Loan Eligibility Criteria. The applicant must own and occupy the single family, 1-4 unit home (an attached or detached house or a condominium unit) located in Nevada 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 and second mortgages. • The servicer must utilize the SMRP monies to bring the second mortgage current before applying SMRP monies to the homeowner’s principal balance. • SMRP monies may be used to bring delinquent property taxes; Homeowners Association dues, fees and assessments; and property related insurance as set forth in program guidelines (collectively “Property Related Expenses”) current at closing. • If the amount of SMRP monies is not sufficient to extinguish the second mortgage, the servicer/lender must agree to reamortize or modify the second mortgage. • Combined mortgage balances cannot exceed the current GSE loan limit. • Post-assistance combined principal balance of the primary and second mortgages must not be less than 100% CLTV based upon valuation obtained by NAHAC or the servicer.

Property/Loan Eligibility Criteria. The applicant must own and occupy the single family, 1-4 unit home (an attached or detached house or a condominium unit) located in Nevada 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 and second mortgages. • The servicer must utilize the SMRP monies to bring the second mortgage current before applying SMRP monies to the homeownerhomeownerborrower’s principal balance. • SMRP monies may be used to bring delinquent property taxes; Homeowners Association dues, fees and assessments; and property related insurance as set forth in program guidelines (collectively “Property Related Expenses”) current at closing. • If the amount of SMRP monies is not sufficient to extinguish the second mortgage, the servicer/lender must agree to reamortize or modify the second mortgage. • Combined mortgage balances cannot exceed the current GSE loan limit. • Post-assistance combined principal balance of the primary and second mortgages must not be less than 100% CLTV based upon valuation obtained by NAHAC or the servicer.

Property/Loan Eligibility Criteria. The applicant must own and occupy the single family, 1-4 unit home (an attached or detached house or a condominium unit) located in Nevada 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 and second mortgages. • The servicer must utilize the SMRP monies to bring the second mortgage current before applying SMRP monies to the homeowner’s principal balance. • SMRP monies may be used to bring delinquent property taxes; Homeowners Association dues, fees and assessments; and property related insurance as set forth in program guidelines (collectively “Property Related Expenses”) current at closing. • If the amount of SMRP monies is not sufficient to extinguish the second mortgage, the servicer/lender must agree to reamortize or modify the second mortgage. • Combined mortgage balances cannot exceed the current GSE loan limit. • Post-assistance combined principal balance of the primary and second mortgages must not be less than 100% CLTV based upon valuation obtained by NAHAC or the servicer.. Proposed

Property/Loan Eligibility Criteria. The applicant must own and occupy the single family, 1-4 unit home (an attached or detached house or a condominium unit) located in Nevada 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 and second mortgages. • The servicer must utilize the SMRP monies to bring the second mortgage current before applying SMRP monies to the homeownerborrower’s principal balance. • SMRP monies may be used to bring delinquent property taxes; Homeowners Association dues, fees and assessments; and property related insurance as set forth in program guidelines (collectively “Property Related Expenses”) current at closing. • If the amount of SMRP monies is not sufficient to extinguish the second mortgage, the servicer/lender must agree to reamortize or modify the second mortgage. • Combined mortgage balances cannot exceed the current GSE loan limit. • Post-assistance combined principal balance of the primary and second mortgages must not be less than 100% CLTV based upon valuation obtained by NAHAC or the servicer.