Common use of Property/Loan Eligibility Clause in Contracts

Property/Loan Eligibility. Criteria The subject property must be a one unit, single family, owner- occupied, primary residence and be located in Oregon. The unpaid principal balance of the borrower’s first lien mortgage cannot exceed the Federal Housing Administration loan limit, as effective on October 1, 2011, for the county in which the subject property is located.

Property/Loan Eligibility. Criteria The subject property must be a one one-unit, single single-family, owner- occupied, primary residence and be located in Oregon. The unpaid principal balance of the borrower’s first lien mortgage cannot exceed the Federal Housing Administration loan limit, as effective on October 1, 2011, for the county in which the subject property is located.