Qualifying Mortgage definition

Qualifying Mortgage. A fixed or adjustable rate conventional, FHA or VA mortgage loan secured by a first or second mortgage on a one- to four-family residence (or, in the case of a Cooperative Loan, by a pledge of an interest in a cooperative apartment) which loan is also:

Qualifying Mortgage means any Mortgage (i) that (a) has been recorded in the land records of Arlington County, Virginia, or (b) with respect to a Mortgage that secures a mezzanine loan, is evidenced by applicable UCC filings, (ii) a copy of which has been delivered to Landlord, (iii) that is granted to a Mortgagee that is not an Affiliate of Tenant, (iii) that prior to the Transition Date and when aggregated with all other Mortgages, shall have an “as completed” loan-to-value ratio (based on the appraisal obtained or accepted by the Mortgagee) of no more than 75%, and (iv) that from and after the Transition Date and when aggregated with all other Mortgages, shall have a loan-to-value ratio (based on the appraisal obtained or accepted by the Mortgagee) of no more than 90%.

Qualifying Mortgage means any Mortgage (i) that (a) has been recorded in the land records of Arlington County, Virginia, or (b) with respect to a Mortgage that secures a mezzanine loan, is evidenced by applicable UCC filings, (ii) a copy of which has been delivered to County, and (iii) that is granted to a Mortgagee that is not an Affiliate of Developer.

Examples of Qualifying Mortgage in a sentence

• For each Qualifying Mortgage Loan, the lender shall determine the net present value (“NPV”) of the modified loan and, if it will exceed the NPV of the foreclosed collateral upon disposition, then the Qualifying Loan shall be modified so as to reduce the borrower’s monthly DTI Ratio to 28% (or to the lowest DTI Ratio higher than 28%, but not to exceed 38%, resulting in a NPV exceeding the foreclosed collateral upon disposition) at the time of the modification.

• The agent said they do not see Qualifying Mortgage issues until the loan is around the $20,000 range, though applications are reviewed case by case.

• Qualifying Mortgage Loans are subject to certain housing purchase price limitations, insurance requirements and other conditions.

• Qualifying Mortgage Loans must be FHA insured, VA guaranteed, USDA-RD guaranteed or otherwise eligible for purchase, pooling or assignment by GNMA and Xxxxxx Xxx, all as more completely described in the OSAA and in the Commitment Lot Notice relating to each subseries of Bond.

• If the Participant has (a) delivered an improperly documented or Non- Qualifying Mortgage Loan; (b) failed to remain in compliance with any of the representations set forth in this Origination Agreement; or (c) breached any of the warranties or covenants set forth in the applicable Program Guide, the Participant shall repurchase such Loan pursuant to a Request to Repurchase.

More Definitions of Qualifying Mortgage

Qualifying Mortgage is a fixed or adjustable rate, conforming or Non-conforming, conventional, FHA or VA mortgage loan secured by a first or second mortgage or Title I home improvement loan on a one-to-four-family residence which loan is also:

Qualifying Mortgage shall have the meaning ascribed to such term in the Owner Agreement. "Renewal Term(s)" shall have the meaning ascribed to it in Section 2.01 hereof.

Qualifying Mortgage means a first Leasehold Mortgage which complies with the following requirements: the Leasehold Mortgagee is an "Institutional Lender", or any affiliate, parent or subsidiary of an Institutional Lender (for purposes of this Lease the term "Institutional Lender" shall mean (1) a lender whose policies are subject to the supervision of the Controller of the Currency, the Federal Reserve Board or any state banking commission or department of insurance; or (2) with respect to pension or profit sharing funds or trusts, such funds shall be deemed Institutional Lenders if the fiduciary of the fund or trust is an institution which qualifies as an Institutional Lender under subsection, or if the employer for whose employees the fund or trust was established is a publicly held company listed on any nationally recognized stock exchange). Upon the termination of this Lease for any reason, excluding however a termination due to a breach by Leasehold Mortgagee of its obligations under this Section and the Leasehold Mortgagee of the Qualifying Mortgage shall have the right, in addition to the rights contained in subsection 36(k), to demand a new lease of the Demised Premises, exercisable by notice in writing to Landlord within sixty (60) days after the giving of notice by Landlord to the Leasehold Mortgagee of such termination, provided that on or before the delivery of such new lease the Leasehold Mortgagee has paid to Landlord all Rent which (i) was unpaid prior to the termination of this Lease, and (ii) would have accrued hereunder after the termination of this Lease had this Lease remained in full force until the time of such delivery. The new lease shall continue for the balance of the Term remaining as of the date of termination, at the rent and upon all of the other terms, provisions, covenants and agreements set forth in this Lease (including without limitation any unexecuted Renewal Options). Any new lease may, at the option of Leasehold Mortgagee, name as tenant the Leasehold Mortgagee or a nominee of Leasehold Mortgagee, provided that the nominee meets the criteria set forth in Section 7. In the event of the election by a Qualifying Mortgagee to enter into a new lease with Landlord, Tenant shall, and does hereby waive all rights it may have to redeem its leasehold interest under this Lease or to reinstate this Lease. It is the intent of Landlord and any Qualifying Mortgagee that such new lease shall have the same priority as this Lease, and Landlord covenants th...