Sentences with phrase «borrower as the principal residence»

The home subject to the mortgage must be occupied by the borrower as the principal residence and the borrower must be current on mortgage payments.

Not exact matches

The suggested fixes include capping loans at 65 per cent of the home value, introducing new and more conservative means of estimating how much a residence is worth, and amortizing the loans (meaning that borrowers would have to repay the principal within a certain time frame, as in a mortgage, whereas now they can simply keep paying interest on their HELOCs).

Investment properties (properties in which the borrower does not reside in as his or her principal residence) may only be refinanced without an appraisal

Investment properties (properties which the borrower does not occupy as his or her principal residence) may only be refinanced without an appraisal.

Maturity events include the borrower moving out of the home, the borrower passing away, the borrower failing to pay the proper taxes and insurance on the home, or the borrow failing to stay in the property as his / her principal residence for a period exceeding 12 months.

The home must be used as the principal residence of the borrower.

HUD defines a principal residence as the property occupied by a borrower for the majority of the calendar year.

Additionally, at least one of the borrowers on the FHA home loan must sign a security instrument stating he or she will establish the home as a principal residence within 60 days of signing, and continue this occupancy for at least one year.

Basically, the borrower must be a first - time home buyer and must use the property as their principal residence.

But unlike a traditional home equity loan or second mortgage, no repayment is required until the borrower (s) no longer use the home as their principal residence.

Investment properties (properties in which the borrower does not reside in as his or her principal residence) may only be refinanced without an appraisal and, thus, closing costs may not be included in the new mortgage amount.

Borrowers may choose one of five payment options: (1) term, which gives the borrower monthly payments for a fixed period selected by the borrower; (2) tenure, which gives the borrower a monthly payment from the lender for as long as the borrower lives and continues to occupy the home as a principal residence; (3) modified tenure, which combines the tenure option with a line of credit; (4) line of credit, which allows the borrower to make withdrawals up to a maximum amount, at times and in amounts of the borrower's choosing; and (5) modified term, which combines the term option with a line of credit.

Investment properties may only be refinanced without an appraisal (properties in which the borrower does not reside in as her or his principal residence).

Borrowers must be at least 62 years old and occupy as their principal residence a home that has little or no mortgage debt remaining.

The line of credit is secured by collateral, such as the principal residence of the borrower.

If the home is sold, if the borrowers die, or if the home is not occupied as a principal residence for more than one year, the reverse mortgage comes due and must be repaid.

Borrowers must also plan to make the subject home their principal residence — a rule which is waived for the IRRRL, which is also known as the VA Streamline Refinance program.

A borrower may qualify if he or she: • Is displaced because of an out - of - area job transfer and was occupying the home as a principal residence immediately before the displacement.

Note: Borrowers are not eligible for a new FHA - insured mortgage if they pursued a short - sale agreement on their principal residence simply to take advantage of declining market conditions to purchase a similar or superior property within a reasonable commuting distance at a reduced price, as compared with current market value.

According to the FHA, HECM loans differ from typical home loans or second mortgages because, «no repayment is required until the borrower (s) no longer use the home as their principal residence or fail to meet the obligations of the mortgage.»

Tenure: equal monthly payments for as long as one borrower resides in the home as his or her principal residence.

If the home is sold, if the borrowers die, or if the home is not occupied as a principal residence for more than one year, the reverse mortgage comes due and must be repaid.