Eligible Persons and Families definition

Eligible Persons and Families means a person or persons or family or families (1) intending principally and permanently to reside as a household in a Single-Family Residence (as defined in the Origination Agreements);
Eligible Persons and Families means a person or persons and a family or families (i) intending to principally and permanently reside as a household in a Single-Family Residence within a reasonable period (not to exceed 60 days) following the closing of the Mortgage Loan, (ii) whose Annual Family Income does not exceed the limitations prescribed by the Code and the Commission and contained in the Program Manual, as such income limitations may be amended from time to time, and (iii) who is a First- Time Homebuyer unless the Single-Family Residence is located within a Targeted Area.
Eligible Persons and Families means a person or persons: (i) whose Current Annual Family Income does not exceed the Maximum Current Annual Family Income; (ii) who intends principally and permanently to occupy the Single Family Residence to be financed with a Mortgage Loan within a reasonable period (not to exceed 60 days) following the Closing of such Mortgage Loan; (iii) who is a First Time Homebuyer (except with respect to a principal Residence located in a Targeted Area or a Federally declared disaster area); and (iv) who has not had an existing mortgage (including a deed of trust, conditional sales contract, pledge, agreement to hold title in escrow, or any other form of owner-financing), whether or not paid off, on the Single Family Residence to be financed with such Mortgage Loan at any time prior to the execution of the Mortgage or an existing mortgage securing a construction period loan, construction bridge loan or similar temporary initial construction financing initially incurred within 24 months of the Closing Date, having an original term not exceeding 24 months, and not providing for scheduled payments of principal during such term.

Examples of Eligible Persons and Families in a sentence

  • Mortgage Loans shall be made only to Eligible Persons and Families, as defined herein, for the purpose of providing financing for the purchase of a Single Family Residence at an Acquisition Price not in excess of the Maximum Acquisition Price for such Single Family Residence and not for the purpose of refinancing any existing loan or a construction period loan, bridge loan or similar temporary initial financing of 24 months or less.

  • To qualify as Eligible Persons and Families, such persons and families must have an aggregate Annual Family Income that does not exceed the applicable amounts specified in the Program Manual and the Seller Guide.

  • Mortgage Loans shall be made only to Eligible Persons and Families for the purpose of providing financing for the purchase of a Single-Family Residence, and not for the purpose of refinancing any existing loan except a construction loan, bridge loan or similar temporary initial financing (with a maximum term of 24 months).

  • All Service Providers must accept and process referrals from other agencies in an attempt to provide the best level of service possible to Eligible Persons and Families.

  • An Affordable Unit, and any interest therein, shall not be Transferred except with the express written consent of the City, which consent shall be given only if the Transfer is consistent with the City's goal of creating, preserving, maintaining and protecting housing in San Xxxx for Eligible Persons and Families and shall be in accordance with the provisions of Section 4 of this Restriction.


More Definitions of Eligible Persons and Families

Eligible Persons and Families means (i) persons and families of low and moderate income, (ii) persons and families of higher income to the extent that the Housing Development Fund finds and determines that construction of new or rehabilitated housing for occupancy by them will cause to be vacated existing sanitary, decent and safe housing available at prices or rentals which persons and families of low and moderate income can afford, (iii) persons who because of age or physical disability are found and determined by the Housing Development Fund to require residential housing of a special location or design in order to provide them with sanitary, decent and safe residential housing or (iv) persons and families for whom, as found and determined by the Housing Development Fund, construction of new or rehabilitated residential housing in some designated area or areas of the State is necessary for the purpose of retaining in, or attracting to, such area or areas qualified manpower resources essential to modern mining, industrial and commercial operations and development in such area or areas.
Eligible Persons and Families means one or more natural persons or a family, irrespective of race, creed, national origin, or sex, determined by the Local HFA in an applicable Invitation or Administrator’s Guidelines to be of low, moderate, or middle income.
Eligible Persons and Families means a person or persons or family or families (1) intending principally and permanently to reside as a household in a Single-Family Residence; (2) whose total annual family income does not exceed the appropriate maximum annual family income; and (3) with respect to each person or persons who purchases a Single-Family Residence not located within a Targeted Area, each such person who is executing the Mortgage and occupying the Single-Family Residence is a first-time homebuyer.
Eligible Persons and Families means Moderate Income Households who are First Time Homebuyers.
Eligible Persons and Families means a person or persons and family or families (i) intending to temporarily or permanently reside in single family or multifamily housing funded under this Loan Agreement, and (ii) whose total income does not exceed the Maximum Current Annual Family Income.
Eligible Persons and Families means a person or persons and families (i) who intend to principally and permanently reside as a household in a Home, (ii) whose family income does not exceed 100% for families of one or two persons, and 115% for families of three or more persons in Non-Target areas or 120% for families of one or two persons, and 140% for families of three or more persons in Targeted areas of the applicable median family income (as published by NIFA based upon a determination by the Secretary of the United States Treasury after taking into account the regulations prescribed under Section 8 of the United States Housing Act of 1937), and (iii) unless the Home is located within a Targeted Area, who is a First-Time Homebuyer. The total Program Eligibility Income limits applicable to First Home Mortgage Loans are set forth in this Lender Manual, which limits may be adjusted from time to time by NIFA. (See Section 5)
Eligible Persons and Families means a person or persons and families (i) who intend to principally and permanently reside as a household in a Home, (ii) whose family income does not exceed 150% of the applicable median family income (as published by NIFA). The total Program Eligibility Income limits applicable to Welcome Home Mortgage Loans are set forth in this Lender Manual, which limits may be adjusted from time to time by NIFA. (See Section 5)