Present Ownership Interest definition

Present Ownership Interest means (i) a fee simple interest; (ii) a joint tenancy, a tenancy in common, or tenancy by the entirety; (iii) the interest of a tenant shareholder in a cooperative; (iv) a life estate; (v) a land contract (i.e., a contract pursuant to which possession and the benefits and burdens of ownership are transferred although legal title is not transferred until some later time); and (vi) an interest held in trust for a person (whether or not created by such person) that would constitute a present ownership interest if held directly by such person. The term “Present Ownership Interest” does not include (i) a remainder interest; (ii) a lease with or without an option to purchase; (iii) a mere expectancy to inherit an interest in a Principal Residence; (iv) the interest that a purchaser of a Residence acquires on the execution

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Present Ownership Interest means all forms of ownership interests other than (i) a remainder interest; (ii) a lease without an option to purchase or a lease with an option to purchase at fair market value at time of purchase; (iii) a mere expectancy to inherit an interest in a principal residence; (iv) the interest that a purchaser of a residence acquires on the execution of a purchase contract; and (v) an interest other than an interest in a principal residence during the previous three years. A Present Ownership Interest in a mobile home or other factory-made housing, whether taxed as personal or real property, constitutes a Present Ownership Interest in a principal residence and, if such interest was owned within the three-year period, the loan applicant would not meet the three-year requirement.

Present Ownership Interest means (i) a fee simple interest; (ii) a joint tenancy, a tenancy in common, or tenancy by the entirety; (iii) the interest of a tenant shareholder in a cooperative; (iv) a life estate; (v) a land contract (i.e., a contract pursuant to which possession and the benefits and burdens of ownership are transferred although legal title is not transferred until some later time); and (vi) an interest held in trust for a person (whether or not created by such person) that would constitute a present ownership interest if held directly by such person. The term “Present Ownership Interest” does not include (i) a remainder interest; (ii) a lease with or without an option to purchase; (iii) a mere expectancy to inherit an interest in a Principal Residence; (iv) the interest that a purchaser of a Residence acquires on the execution of a purchase contract; or (v) an interest other than an interest in a Principal Residence during the previous three years. A Present Ownership Interest in a mobile home or other factory made housing that was permanently affixed to real property owned by the loan applicant constitutes a Present Ownership Interest in a Principal Residence.

Examples of Present Ownership Interest in a sentence

• A person who is liable under the Mortgage Note secured by Mortgage but who does not have a Present Ownership Interest in the residence subject to Mortgage need not meet the three-year requirement.

• Each such person must not have had a Present Ownership Interest in a principal residence at any time during the three-year period prior to the date on which Mortgage is executed.

• With respect to House Key Program Mortgage Loans only, except with respect to Single-Family Residences located in a Targeted Area, each person executing the Mortgage Note (which may be cosigned by a person who is not a First-Time Homebuyer and who does not execute Mortgage) and to whom financing is provided by the Mortgage Note and each person acquiring a Present Ownership Interest in the property must be a First-Time Homebuyer.

• ExceptWith respect to House Key Program Mortgage Loans only, except with respect to Single- Family Residences located in a Targeted Area, each person executing the Mortgage Note (which may be cosigned by a person who is not a First-Time Homebuyer and who does not execute Mortgage) and to whom financing is provided by the Mortgage Note and each person acquiring a Present Ownership Interest in the property must be a First-Time Homebuyer.

More Definitions of Present Ownership Interest

Present Ownership Interest means holding title, in whole or in part, to a residence, or ownership, in whole or in part, of membership shares in a cooperative. "Present ownership interest" in a residence does not include the right to purchase title to the residence under a lease-purchase agreement.

Present Ownership Interest means all forms of ownership interests other than (a) a lease, with or without a purchase option, (b) the interest of a buyer under a standard residential purchase contract, (c) an expectancy to inherit property, and (d) a remainder interest.

Present Ownership Interest means (i) a fee simple interest; (ii) a joint tenancy, a tenancy in common, or tenancy by the entirety; (iii) the interest of a tenant shareholder in a cooperative; (iv) a life estate; (v) a land contract (i.e., a contract pursuant to which possession and the benefits and burdens of ownership are transferred although legal title is not transferred until some later time); and (vi) an interest held in

Present Ownership Interest does not include: (i) a remainder interest; (ii) a lease with or without an option to purchase; (iii) a mere expectancy to inherit an interest in a Principal Residence; (iv) the interest that a purchaser of a Qualified Residence acquires on the execution of a purchase contract; and (v) an interest in other than a Principal Residence during the previous 3 years.

Present Ownership Interest means that no member of the household had an “interest in the home” including title to the home or any lease or other right to occupy the home. It does not include the right to purchase title to the residence under a lease-purchase agreement.