Conventional Mortgage definition

Conventional Mortgage means a mortgage for which the principal amount, at the time of commitment, together with all other equal and prior ranking mortgages: (a) in the case of a property purchase, does not exceed the lower of 75% of the purchase price of the underlying real property securing the mortgage and 75% of the appraised value of the underlying real property securing the mortgage as determined by a qualified appraiser; and (b) in the case of a refinancing, does not exceed 75% of the appraised value of the underlying real property securing the mortgage as determined by a qualified appraiser at the time of such refinancing.

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Conventional Mortgage. A Mortgage that is not guaranteed or insured by the United States or any agency or instrumentality of the United States.

Conventional Mortgage means a mortgage in which the interest rate does not change during the entire term of the loan.

Examples of Conventional Mortgage in a sentence

• In the event that any payment due under any Conventional Mortgage Loan is not paid when the same becomes due and payable, or in the event the Mortgagor fails to perform any other covenant or obligation under the Mortgage Loan and such failure continues beyond any applicable grace period, the Servicer shall take such action as it shall deem to be in the best interest of the Certificateholders.

• The appraiser for the Mortgage Loan was duly licensed or certified under the applicable law where the Mortgage Loan was originated, and for each Government Mortgage Loan was acceptable to the FHA or VA, as applicable, and for each Conventional Mortgage Loan was acceptable to ▇▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇ Mac and/or the Takeout Investor, as applicable.

• Mortgages (5/1/19)68‌ The QC review of each Conventional Mortgage Loan that reaches EPD status is required, even if the Mortgage Loan has subsequently been brought current.

• In accordance with the MPF Mortgage Product terms and the Master Commitment, the Bank shall assume liability for a certain amount of Realized Loss (the “First Loss Account”, formerly known as the “Spread Account”) arising under each Conventional Mortgage Master Commitment.

• The Seller recognizes that the Buyer’s ability to purchase the Property is contingent upon the Buyer’s ability to obtain a: (check one) ☐ – Conventional Mortgage ☐ – FHA Loan ☐ – VA Loan (Attach Required Addendums) ☐ – Seller Financing V.

More Definitions of Conventional Mortgage

Conventional Mortgage. A Mortgage that is not guaranteed or insured by the United States or any agency or instrumentality of the United States. Coupon: UMBS Coupon or MBS Coupon, as applicable.

Conventional Mortgage. A mortgage other than an FHA/VA mortgage, which ▇▇▇▇▇▇ ▇▇▇ is authorized to purchase under the Federal National Mortgage Association Charter Act.

Conventional Mortgage means the third priority Security Instrument (including all riders thereto) executed by Mid-America Apartments, L.P. in favor of Lender on the Mortgaged Property known as The Park at Hermitage and any other third party Security Instrument that may be executed in the future securing the obligations of the Borrower under the Credit Agreement and the Facility Note.

Conventional Mortgage means a mortgage loan which is not guaranteed by the VA or insured by the FHA or the FmHA.

Conventional Mortgage means a mortgage loan as

Conventional Mortgage means a Conventional First Mortgage and/or a Conventional Second Mortgage.

Conventional Mortgage mean a mortgage that meets either ▇▇▇▇▇▇ ▇▇▇ or ▇▇▇▇▇▇▇ Mac guidelines.