Construction to Permanent Mortgage Loan definition

Construction to Permanent Mortgage Loan means a Mortgage Loan made --------------------------------------- to an Obligor to finance the construction of a single family residence, which Mortgage Loan converts from a construction loan to a permanent loan upon completion of the construction of such improvements, and which Mortgage Loan shall conform to the underwriting guidelines of the Companies for Construction- to-Permanent Mortgage Loans.
Construction to Permanent Mortgage Loan means a “single close” Mortgage Loan where the Mortgagor may make draws during the period of the construction and, upon completion of the construction period, such Mortgage Loan modifies and automatically converts into a permanent Mortgage Loan.
Construction to Permanent Mortgage Loan means a Mortgage Loan made to a Mortgagor for the purpose of constructing a one-to-four family dwelling which Mortgage Loan is secured by a first lien on the related real estate and includes a dwelling constructed for occupancy by the related Mortgagor and/or for resale to a potential occupant. Construction to Permanent Mortgage Loans shall have a maximum maturity of twelve months from origination and shall have been originated in conformity with the Seller’s Underwriting Guidelines.

Examples of Construction to Permanent Mortgage Loan in a sentence

  • No Construction to Permanent Mortgage Loan is a homebuilder loan or a Non-Owner Occupied Mortgage Loan.

  • The Purchase Price Increase with respect to a Construction to Permanent Mortgage Loan shall be disbursed directly to either a settlement agent or the builder of the related Mortgaged Property, as Buyer shall determine in its sole reasonable discretion, pursuant to the Construction to Permanent Mortgage Loan Services Agreement.

  • With respect to any Construction to Permanent Mortgage Loan, the related Seller may submit a request for an additional Purchase Price in form and substance acceptable to Buyer.

  • Prior to any Transaction with respect to a Construction to Permanent Mortgage Loan, Buyer shall have received a duly executed copy of the Construction to Permanent Mortgage Loan Services Agreement Side Letter.

  • No Construction to Permanent Mortgage Loan has an LTV of greater than 95%.

  • Prior to the date that Buyer funds a Purchase Price Increase with respect to a Construction to Permanent Mortgage Loan (such date, a “Purchase Price Increase Date”), Seller shall hire an inspector acceptable to Buyer in its sole reasonable discretion to review and visit the related Mortgaged Property.

  • On each Purchase Price Increase Date, Seller shall pay to Buyer the Construction to Permanent Mortgage Loan Funding Fee.


More Definitions of Construction to Permanent Mortgage Loan

Construction to Permanent Mortgage Loan means a Mortgage Loan made to a Mortgagor for the purpose of constructing a one-to-four family dwelling which Mortgage Loan is secured by a first lien on the related real estate and includes a dwelling constructed for occupancy by the related Mortgagor and/or for resale to a potential occupant. Construction to Permanent Mortgage Loans (other than Qualified Construction to Permanent Mortgage Loans) shall have a maximum maturity of twelve months from origination and shall have been originated in conformity with the SellersUnderwriting Guidelines.

Related to Construction to Permanent Mortgage Loan

  • Home improvement contract means an oral or written

  • Construction Service Agreement means either an Interconnection Construction Service Agreement or an Upgrade Construction Service Agreement.

  • Construction Completion Certificate means a certificate of the I-Bank to the effect that the construction of the Project is complete.

  • Residential contractor means a licensed contractor that holds an endorsement as a:

  • construction site means a workplace where construction work is being performed;

  • Home improvement contractor or "contractor" means a person who sells goods and services, or agrees to furnish or render services, to a retail buyer pursuant to a home improvement installment contract, or sells goods and services to a retail buyer pursuant to a home improvement charge agreement, but not in connection with construction of new homes.

  • Substantial Completion Certificate means the certificate issued and approved by the Authority indicating the date upon which the Trade Contractor Work (or a designated portion thereof) is Substantially Complete.

  • Residential care facility means an institution, residence, or facility that is licensed by the department of mental health under section 5119.22 of the Revised Code and that provides care for a child.

  • Construction and Demolition Debris means and includes:

  • Certificate of Substantial Completion means the certificate executed by the A/E, ODR and Contractor that documents to the best of A/E’s and ODR’s knowledge and understanding, Contractor’s sufficient completion of the work in accordance with the Contract, so as to be operational and fit for the use intended.

  • Construction Zone shall have the meaning set forth in Clause 8.3 (i);

  • Construction Services Agreement (CSA) means the Construction Services Agreement, together with any duly authorized and executed amendments hereto.

  • Residential construction means construction on single-family or two-family dwellings occupied or used, or intended to be occupied or used, primarily for residential purposes, and includes real property pursuant to chapter 499B.

  • Residential child care facility means a twenty-four-hour residential facility where children live together with or are supervised by adults who are not their parents or relatives;

  • Environmental Infrastructure Facilities means Wastewater Treatment Facilities, Stormwater Management Facilities or Water Supply Facilities (as such terms are defined in the Regulations).

  • Construction Agreement means the proposed building agreement between the Company and a proposed builder substantially in the form of the draft agreement a copy of which has been signed on behalf of the Authority and the Company for the purposes of identification;

  • Improvement completion assurance means a surety bond, letter of credit,

  • this Tenant Work Letter means the relevant portion of Sections 1 through 6 of this Tenant Work Letter.

  • Construction Contractor means a person who undertakes to or offers to undertake to, or purports to have the capacity to undertake to, or submits a bid to, or does himself or by or through others, construct, alter, repair, add to, subtract from, improve, move, wreck, or demolish any building, highway, road, railroad, excavation, or other structure, project, development, or improvement to real property, or to do any part thereof. "Construction contractor" includes subcontractors, specialty contractors, prime contractors, and any person receiving consideration for the general supervision and/or coordination of such a construction project except for remediation contracting. This definition shall govern without regard to whether or not the construction contractor is acting in fulfillment of a contract.

  • Project Completion Date means the date on which the Completion Certificate is issued;

  • Final Completion Certificate has the meaning set forth in Section 11.6.

  • Erection, construction, remodeling, repairing means all types of work done on a particular building or work at the site thereof in the construction or development of the project, including without limitation, erecting, construction, remodeling, repairing, altering, painting, and decorating, the transporting of materials and supplies to or from the building or work done by the employees of the Contractor, Subcontractor, or Agent thereof, and the manufacturing or furnishing of

  • Interconnection Construction Service Agreement means the agreement entered into by an Interconnection Customer, Interconnected Transmission Owner and the Transmission Provider pursuant to Tariff, Part VI, Subpart B and in the form set forth in Tariff, Attachment P, relating to construction of Attachment Facilities, Network Upgrades, and/or Local Upgrades and coordination of the construction and interconnection of an associated Customer Facility. A separate Interconnection Construction Service Agreement will be executed with each Transmission Owner that is responsible for construction of any Attachment Facilities, Network Upgrades, or Local Upgrades associated with interconnection of a Customer Facility.

  • Substantial modification means modification of a relevant source that results in a significant increase in emissions, excluding any change in emissions resulting from by-product recovery. It shall be a matter for the Party to decide whether a modification is substantial or not;

  • Construction Completion Date means the Completion Date of the Construction as specified in the Statutory Declaration of Completion for the Project;

  • Construction Plant means appliances, machinery with necessary supply to up keep and maintenance of the works or temporary works but dose not include materials or other things intended to form part of the permanent work.