Examples of Eligible Dwelling in a sentence
An individual condominium unit or unit of an approved planned unit development is included within the definition of an Eligible Dwelling provided the requirements set forth in this section and elsewhere in this Manual are met.
Acquisition Cost means the cost of acquiring the Eligible Dwelling from the Seller as a completed residence.
An Eligible Borrower shall covenant to occupy the Eligible Dwelling as a principal residence within 60 days after the closing of the Mortgage Loan.
Unless the residence can reasonably be expected to become the principal residence of the Eligible Borrower within 60 days of the Loan closing date, the residence will not be considered an Eligible Dwelling and may not be financed with a CHFA Mortgage Loan.
The mortgage must obligate the borrower to maintain the Eligible Dwelling in good repair and condition, to keep the premises free and clear from other liens and encumbrances and to maintain hazard insurance in accordance with the requirements set forth in section 6.3.