The phrase
"eligible borrowers" refers to people who meet certain requirements or conditions to receive a loan or financial assistance from a lender. These individuals are qualified and suitable to borrow money.
Full definition
The Making Home Affordable program
allows eligible borrowers to refinance or modify their mortgage loans, resulting in more affordable payments.
These plans provide
eligible borrowers with lower payments based on income and set timelines for forgiveness of any remaining loan balances.
Eligible borrowers who do decide to take advantage of the discharge option should be aware that the forgiven debt may be considered taxable income.
Eligible borrowers typically own a small size business for a minimum of two years, which can be confirmed via a third - party arm's length document.
Beginning in 2017, the program is to forgive remaining Direct Loan balances of
eligible borrowers employed in public service for at least 10 years.
If they do not come out right from an access to credit standpoint, many
otherwise eligible borrowers will be denied access to mortgage credit and others will pay significantly more for that credit.
First - time buyer loan: This is a financing vehicle
for eligible borrowers, typically consumers who have never owned a home.
The program
allows eligible borrowers to cancel the remaining balance of their Direct Loans after serving full time at a public service organization for at least 10 years while making 120 qualifying monthly payments.
The VA, rather guarantees the loan enabling approved VA lenders the ability to
offer eligible borrowers loans at highly competitive mortgage rates, with no down - payment, no mortgage insurance, and easier credit / underwriting guidelines.
-- The enterprises shall include
as eligible borrowers in the Home Affordable Refinance Program all current borrowers who have an eligible mortgage and meet those underwriting requirements for eligibility for same servicer refinancing in the Program as of March 1, 2012, except that the enterprises may not disqualify or impose varying rules within the Program for borrowers based on LTV, CLTV, employment status or income.
Eligible borrowers include railroads, state and local governments, government - sponsored authorities and corporations, joint ventures that include at least one railroad, and limited option freight shippers who intend to construct a new rail connection.
According to D. Steve Boland, managing director for consumer lending at Bank of America, the company's new loan product
gives eligible borrowers a much - needed alternative to the Federal Housing Administration's program:
The government identified
eligible borrowers by matching Department of Education data on student loan borrowers with Social Security Administration data to determine which federal student loan borrowers are receiving disability benefits and whose conditions aren't expected to improve.
Many eligible borrowers do not participate in the Department of Education's (Education) Income - Based Repayment and Pay As You Earn repayment plans for Direct Loans, and Education has not provided information about the plans to all borrowers in repayment.
While New York City is second in the country in mortgage modification activity, only 6.1 percent of
eligible borrowers here have actually received modifications through the federal government's Making Home Affordable loan modification program.
Non-veterans are
not eligible borrowers for VA Jumbo loans in Texas except as the spouse of an eligible veteran.
In fact, the consent order concluded that many
eligible borrowers working with Citi didn't receive the correct forms for the deduction.
The option the VA offers comes with a great deal of advantages beyond that of other streamline refinance offerings, and has been tailored to best meet the needs of VA -
eligible borrowers all over the country.
It is crucial that, as an industry, we proactively educate
eligible borrowers about solutions that will enable them to buy a home when they're ready.»
There is speculation that these savings may come from eliminating the expansions to the income - driven plans, the in - school subsidy for undergraduate Stafford loans and public service loan forgiveness — remember that this is only speculation and historically, Congress has grandfathered in existing
eligible borrowers whenever they have changed or eliminated a program or benefit in the federal aid programs.
Bridgewater Bank is pleased to make available mortgage life insurance and mortgage disability insurance to
eligible borrowers at competitive rates through the Credit Security Plan * (available on mortgages up to $ 1,000,000).
Bridgewater Bank offers
eligible borrowers mortgage life and disability insurance through the Credit Security Plan specifically designed to fit your mortgage and help ensure your family's security in the event of serious illness, accidental injury or death.
«Not only is there no down payment requirement, but
eligible borrowers don't pay mortgage insurance as they would with any (Federal Housing Administration) loan or with a conventional mortgage with a down payment of less than 20 percent,» says Cunningham.
The streamlined program rules will enable lenders and servicers to quickly and easily
qualify eligible borrowers for a short sale.
Under current law, these premium charges can be deducted
on eligible borrowers» income tax filings, along with mortgage interest.
Only about 11 percent of
eligible borrowers filled out complaints, a low response rate both consumer advocates and the Government Accountability Office attributed to borrower confusion and poor outreach by regulators and the banks.
Learn more about the Home Affordability Refinance Program (HARP) and how it can help
eligible borrowers take advantage of low interest rates and other refinancing benefits.
The latest income - driven repayment plan, REPAYE,
lets eligible borrowers limit their monthly payments to 10 percent of their discretionary income.
Washington, DC — The Federal Housing Finance Agency, with Fannie Mae and Freddie Mac (the Enterprises), today announced a series of changes to the Home Affordable Refinance Program (HARP) in an effort to attract
more eligible borrowers who can benefit from refinancing their home mortgage.
Since many
eligible borrowers still haven't pursued HARP, mortgage lenders have begun to make greater outreach efforts to lock in good customers.
The Department has acknowledged that historically only 6 % of
eligible borrowers contact the Department about closed school loan discharges.
Branham suggested PAYE could be a good option for
eligible borrowers going for public service loan forgiveness, because it is the most aggressive option for lowering payments.
Comments: FSA developed a process to track
whether eligible borrowers had actually completed the loan rehabilitation process using a variety of queries to extract information from the defaulted loan system.
Bruce Van Saun, the CEO at the Providence, R.I., company, told American Banker late last year that the bank was using analytics to
preapprove eligible borrowers so that they can have their funds in one to three weeks.