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 primary mortgage. • For a Modification or Reamortization, the servicer must utilize the PRP monies to bring the primary mortgage current before applying PRP monies to the homeowner’s principal balance. • For a Modification or Reamortization PRP monies may be used to bring delinquent Property Related Expenses current at closing. • Mortgage balance cannot exceed the current GSE loan limit.
Appears in 5 contracts
Samples: Commitment to Purchase Financial Instrument and Hfa Participation Agreement, Commitment to Purchase Financial Instrument and Hfa Participation Agreement, Commitment to Purchase Financial Instrument and Hfa Participation Agreement
