Property/Loan Eligibility Criteria. Property must be the borrower’s principal residence, located in Florida and may not be abandoned, vacant or condemned. • The property must be a single family home, a condominium, a townhome, a manufactured or mobile home on foundation permanently affixed to real estate owned by the mortgagor, or a two-four family dwelling unit of which one unit is occupied by the mortgagor as their principal residence that is owner- occupied with a UPB equal to or less than $400,000.00. • Mortgage must a distressed loan with a Total Primary Mortgage Debt that equals or exceeds the required percentages described in Section 5 above. Market value will be established by a FIRREA-compliant appraisal completed by an appraiser licensed and in good standing under Chapter 475 of the Florida statutes at the time the appraisal is performed or by an interior/exterior Broker’s Price Opinion (BPO).
Appears in 4 contracts
Samples: Commitment to Purchase Financial Instrument and Hfa Participation Agreement, Hfa Participation Agreement, Commitment to Purchase Financial Instrument and Hfa Participation Agreement
