Sentences with phrase «occupied as your 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.

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.

Single taxpayers are entitled to $ 250,000 and married taxpayers filing jointly up to $ 500,000 of capital gain for homes that they owned and occupied as principal residences for two out of the previous five years.

A unit that is occupied as a principal residence is more...

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.

Many tax experts believe this change to the federal regulations legitimized the process of conducting a 1031 exchange into new property that the exchanger rents for awhile so it qualifies as rental property and then occupies as their principal residence.

Not exact matches

For home purchases, in order to obtain a VA loan, you must certify that you intend to occupy the home as your principal residence.

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

3) You are expected to meet normal credit underwriting standards and must occupy the property as your principal residence.

3) You are expected to meet normal credit underwriting standards and must intend to occupy the property as your principal residence.

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

Capital Gains with No Income Tax: Once every two years, single homeowners can accept a tax - exempt profit up to $ 250,000, as long as they owned and occupied the home as a principal residence during any two of the last five years before they sold.

In addition, you must occupy the home as your principal residence at least six months of the year.

You are not considered a first - time home buyer if, at any time during the period beginning January 1 of the fourth year before the year of the withdrawal and ending 31 days before the date of withdrawal, you or your spouse or common - law partner owned a home that you occupied as your principal place of residence.

Buyers must occupy the home as their principal residence, but there is no requirement on how long they must live in the home.

There are exceptions, but you may re-qualify as a first - time home buyer as long as neither you nor your current spouse have owned a home that you occupied as your principal place of residence during the four - year period before the RRSP withdrawal.

* Owner occupants are those buyers that will occupy the property as their principal residence within 60 days of closing and will maintain their occupancy for at least 1 year.

You must intend to occupy the qualifying home as your principal place of residence no later than one year after buying or building it.

For home purchases, in order to obtain a VA loan, you must certify that you intend to occupy the home as your principal residence.

These types of mortgage loans are only available to homeowners aged 62 or older, who occupy a property as their principal residence.

In a nutshell, any residential property owned and occupied by you or family at any time in a given year can be designated as a principal residence.

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.

To qualify for a PRE on a parcel of land, a person must be a Michigan resident who owns and occupies the property as a principal residence.

Repayment is not required as long as you occupy the home as your principal residence.

All persons intending to occupy the property as their principal residence are eligible to apply.

According to the Canada Revenue Agency any residential property owned and occupied by you or family at any time in a given year could be designated as a principal residence.

If you own and occupy your property as your principal residence and file a Home Exemption Application by December 31, the exemption will take effect the following assessment year.

whether the home is intended to be occupied by the person who purchases or acquires the land, or their family member (s), as their 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.

Owner seeks in good faith to recover possession of the rental unit for her occupancy as a principal residence, where she has previously occupied the unit as her principal residence and has the right to recover possession for her occupancy as a principal residence under a written rental agreement with the current tenants.

A rental unit in a residential property that is divided into a maximum of three units, one of which is occupied by the owner of record as his or her principal residence.

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.