Affordable Payment definition
Affordable Payment means the borrower’s post- assistance, total monthly mortgage payments for the primary and second mortgages PITI including any escrowed homeowner’s association dues or assessments, plus any taxes, insurance and homeowner’s association dues or assessments which are not escrowed must be no greater than 38% of the gross household income excluding temporary income (e.g., unemployment or short-term disability benefits). • Borrower agrees to provide all necessary documentation to satisfy program guidelines within the timeframes established by NAHAC, including a financial hardship affidavit. • Second mortgage must be delinquent or the borrower must have a negative equity position in which the CLTV is 120% or more.
Affordable Payment means the borrower’s total monthly primary mortgage payment PITI (principal, interest, taxes and insurance, as applicable) including any escrowed or non- escrowed homeowner’s association dues or assessments, must be no greater than 38% of the gross household income excluding temporary income (e.g., unemployment or short- term disability benefits).
Affordable Payment means the borrower’s post- assistance, total monthly primary mortgage payment PITI (principal, interest, taxes and insurance, as applicable) including any escrowed homeowner’s association dues or assessments, plus any taxes, insurance and homeowners association dues and assessments which are not escrowed must be no greater than 38% of the gross household income excluding temporary income (e.g., unemployment or short- term disability benefits). • Borrower agrees to provide all necessary documentation to satisfy program guidelines within the timeframes established by NAHAC, including a financial hardship affidavit. Additional Eligibility Criteria Applicable to Each Structure of Principal Reduction: (a) Modification or Reamortization Structure(i.e. principal reduction of a borrower’s primary mortgage accomplished exclusively through either an interest rate reduction and/or term extension to achieve a permanent modification, or a reamortization of the remaining unpaid principal balance to achieve a lower monthly payment): • Eligible financial hardship: reduced income due to underemployment, medical condition, divorce or death, as set forth in the program guidelines. • Borrower’s pre-assistance, total monthly primary mortgage payment PITI including any escrowed or non- escrowed homeowner’s association dues or assessments, is greater than 38% of the gross household income excluding temporary income (e.g., unemployment or short-term disability benefits). • Borrower’s post-assistance total monthly primary mortgage payment PITI including any escrowed or non- escrowed homeowner’s association dues or assessments must be greater than 25% of the gross household income excluding temporary income (e.g., unemployment or short-term disability benefits). • Primary mortgage must be delinquent or the borrower does not have liquid assets greater than three (3) months of PITI and homeowner’s dues and assessments (if applicable). • Funds may be applied to cure: delinquent property taxes; Homeowners Association dues, fees and assessments; and property related insurance as set forth in program guidelines (collectively “Property Related Expenses”). • Pre-assistance principal balance of primary mortgage must be greater than 80% LTV based upon valuation obtained by NAHAC or the servicer. (Assistance provided to Borrowers with post assistance LTVs less than 100% will have a 10 year term and different payment requirements as set forth in this term sheet and the program guidelines.)
More Definitions of Affordable Payment
Affordable Payment means the borrower’s post- assistance, total monthly primary mortgage payment PITI (principal, interest, taxes and insurance, as applicable) including any escrowed homeowner’s association dues or assessments, must be no greater than 38% of the gross household income excluding temporary income (e.g., unemployment or short-term disability benefits). • Borrower agrees to provide all necessary documentation to satisfy program guidelines within the timeframes established by NAHAC, including a financial hardship affidavit. Additional Eligibility Criteria Applicable to Each Structure of Principal Reduction: (a) Modification or Reamortization Structure (i.e. principal reduction of a borrower’s primary mortgage accomplished exclusively through either an interest rate reduction and/or term extension to achieve a permanent modification, or a reamortization of the remaining unpaid principal balance to achieve a lower monthly payment): • Eligible financial hardship: reduced income due to underemployment, medical condition, divorce or death, as set forth in the program guidelines. • Borrower’s pre-assistance, total monthly primary mortgage payment PITI including any escrowed assessments, is greater than 38% of the gross household income excluding temporary income (e.g., unemployment or short-term disability benefits). • Borrower’s post-assistance total monthly primary mortgage payment PITI including any escrowed assessments must be greater than 25% of the gross household income excluding temporary income (e.g., unemployment or short-term disability benefits). • Pre-assistance principal balance of primary mortgage must be greater than 80% LTV based upon valuation obtained by NAHAC or the servicer. (Assistance provided to Borrowers with post assistance LTVs less than 100% will have a 10 year term and different payment requirements as set forth in this term sheet and the program guidelines).
Affordable Payment means the borrower’s post- assistance, total monthly primary mortgage payment PITI (principal, interest, taxes and insurance, as applicable) including any escrowed homeowner’s association dues or assessments, plus any taxes, insurance and homeowners association dues and assessments which are not escrowed must be no greater than 33% of the gross household income excluding temporary income (e.g., unemployment or short-term disability benefits). • Borrower agrees to provide all necessary documentation to satisfy program guidelines within the timeframes established by NAHAC, including a financial hardship affidavit. Additional Eligibility Criteria Applicable to Each Structure of Principal Reduction: (a) Modification or Reamortization Structure(i.e. principal reduction of a borrower’s primary mortgage accomplished exclusively through either an interest rate reduction and/or term extension to achieve a permanent modification, or a reamortization of the remaining unpaid principal balance to achieve a lower monthly payment): • Eligible financial hardship: reduced income due to underemployment, medical condition, divorce or death, as set forth in the program guidelines. • Borrower’s pre-assistance, total monthly primary mortgage payment PITI including any escrowed or non- escrowed homeowner’s association dues or assessments, is greater than 38% of the gross household income excluding temporary income (e.g., unemployment or short-term disability benefits). • Primary mortgage must be delinquent or the borrower does not have liquid assets greater than three (3) months of PITI and homeowner’s dues and assessments (if applicable). • Pre-assistance principal balance of primary mortgage must exceed 110% LTV based upon valuation obtained by NAHAC or the servicer.