Eligible Mortgagor definition

Eligible Mortgagor means the person(s) intending to purchase a Residence to be financed with a Mortgage Loan and to reside therein as his/her/their Principal Residence, whose Qualifying Income does not exceed the amounts described in the Program Guidelines.

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Eligible Mortgagor means a Mortgagor or Mortgagors who meet the eligibility criteria set forth in the Program Manual for participation in the Authority’s mortgage financing programs.

Eligible Mortgagor means a Mortgagor that (i) is an entity whose jurisdiction of formation and principal place of business are located in the United States and (ii) is not an Affiliate of (A) any Seller Party, (B) any holder of an Equity Interest in any Seller Party or (C) any director, manager, member or officer of any Seller Party.

Examples of Eligible Mortgagor in a sentence

In accordance with FHA Mortgagee Letters 99-18, 2004-04 and 2005-01, Participant must advise each Eligible Mortgagor of the importance of obtaining an independent home inspection for any home it plans to purchase.
The Participant agrees that prior to issuing a commitment for a Loan to an Eligible Mortgagor for the purchase of a one (1) unit dwelling, the Participant shall have first received an accepted Reservation Request from the Authority with respect to the particular Loan.
The Participant agrees that prior to issuing a commitment for a Loan to an Eligible Mortgagor for the purchase of a one (1) unit or two to four (2 – 4) unit family dwelling, the Participant shall have first received an accepted Reservation Request from the Authority with respect to the particular Loan.
The Participant agrees that prior to issuing a commitment for an MCC Loan to an Eligible Mortgagor for the purchase of a one (1) unit or two – four (2 – 4) unit dwelling, the Participant shall have first received an accepted Reservation Request from the Authority with respect to the particular MCC Loan.
The Parties agree that no prior written permission is required if such assignment is for any interest in an Eligible Mortgagor, as defined above, that is subject to the review and approval by the Michigan State Housing Development Authority.

More Definitions of Eligible Mortgagor

Eligible Mortgagor means any person meeting the qualifications of the Program and the applicable Program Guide.

Eligible Mortgagor means a person who is over the age of 18 and a domiciliary of the state, who meets the credit standards set forth in the guide for servicers.

Eligible Mortgagor means any person meeting the qualifications of the Program and the Next Home Program Guide, MCC Program Guide, Affordable Home Program Guide, My Home Program Guide and Helping To Own Program Guide, as may be applicable.

Eligible Mortgagor means any person meeting the qualifications of the

Eligible Mortgagor means a person who makes the representations set forth in Exhibit C-I hereto and who intends to occupy the Residence purchased with the proceeds of the Mortgage Loan as a principal residence within 60 days of the date of execution of the Mortgage Loan and thereafter who covenants that such Residence will not be used in trade or business, as an investment property or as a recreational home, who, except with respect to the purchase of a Residence in a Targeted Area, has not had ownership in a principal residence at any time during the three-year period ending on the date the Mortgage Loan is executed and whose Family Income does not exceed the Maximum Household Income.

Eligible Mortgagor means any person meeting the qualifications of the Program and the Next Home Program Guide, MCC Program Guide, Affordable Home Program Guide, My Home Program Guide, Helping To Own Program Guide and Honor Our Vets Program Guide, as may be applicable.

Eligible Mortgagor means a natural person or family constituting a person or family of “low or moderate income” within the meaning of, and as determined by the Agency, from time to time, pursuant to, the Act.