Examples of Qualified residence in a sentence
The Participating Lending Institution represents, warrants and covenants that it will comply with the requirements of Section 143(m) of the Code regarding certain notices to be provided to prospective Mortgagors describing potential recapture on the disposition of a Qualified Residence.
This shall include (but is not limited to) attestations pertaining to Eligible Individual and Qualified Residence, changes of residence, inpatient facility admissions and discharges, reasons for re- institutionalization, and reasons for disenrollment from MFP.
The Participating Lending Institution represents, warrants and covenants that it will notify each prospective Mortgagor prior to settlement of a Mortgage Loan regarding the disallowance of interest deductions that may result from a change in use of the Qualified Residence under Section 150(b)(1) of the Code.
In connection with each Mortgage Loan, the Participating Lending Institution may charge and collect from the Mortgagor or the Seller of a Qualified Residence the appropriate Origination Fee and the appropriate Buyer/Seller Points, as specified in the applicable Program Supplement.
Down Payment and Closing Cost Loan shall mean a loan that is (1) made to an Eligible Borrower for the payment of down payment or closing costs, or both, for a Qualified Residence, (2) evidenced by a Down Payment and Closing Cost Loan Note, and (3) secured by a Down Payment and Closing Cost Loan Deed of Trust.