Sentences with phrase «occupy as a residence»

The fact that it is occupied as a residence is only one consideration.

Not exact matches

Applicants must be without decent, safe and sanitary housing; Be unable to obtain a loan from other resources on terms and conditions that can reasonably be expected to meet; Agree to occupy the property as your primary residence; Have the legal capacity to incur a loan obligation; Meet citizenship or eligible noncitizen requirements; Not be suspended or debarred from participation in federal programs.

They also require you to take a homebuyer education course and occupy the home as your primary residence.

But if you occupy one of your units, the property can be financed as a primary residence.

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

A Bed & Breakfast Establishment is defined as any place of lodging that provides 8 or fewer rooms for rent to no more than a total of 20 tourists for more than 10 nights in a 12 - month period, is the owner's personal residence, is occupied by the owner at the time of rental, and in which the only meal served to guests is breakfast.

Mr Mahama has communicated that he wishes to have as his retirement home the same residence he occupied as president.

Details are emerging that the Chairperson of the Electoral Commission (EC), Charlotte Osei, demanded GH cents 1 million to renovate a bungalow before she could occupy it as her official residence.

(A) an inn, hotel, motel, or other place of lodging, except for an establishment located within a building that contains not more than five rooms for rent or hire and that is actually occupied by the proprietor of such establishment as the residence of such proprietor;

Witnesses who attend at points so far removed from their respective residences as to prohibit return thereto from day to day shall be entitled to an additional allowance of $ 10 per day for expenses of subsistence including the time necessarily occupied in going to and returning from the place of attendance.

g) Properties acquired by inheritances within the past 12 months are eligible for a cash - out refinance transaction provided they have been occupying the property as their primary residence since the inheritance.

You must meet all the requirements (age 62 or older, occupying the home as the primary residence, etc.) to be eligible, as long as your property meets HUD requirements.

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

Assistance up to $ 10,0002 is available for the purchase or purchase transaction with the rehabilitation of a home to be occupied as a primary residence.

The cosignor / guarantor has no intention to and will not occupy the Residence as a permanent residence, and the co-signor / guarantor executes the Affidavit of Cosignor or Guarantor.

Stops occupying the home as their primary residence or leaves the home for more than 12 consecutive months.

In the meantime, HUD has issued a ruling essentially saying that for reverse mortgages closed after August 4th of this year, a non-borrowing spouse can remain in the house after the borrowing spouse dies, assuming the couple was married at the time of the loan closing, occupied and continues to occupy the house as a primary residence and the non-borrowing spouse is listed on the loan documents.

If you will occupy the property as your primary residence, you can use this program to finance a fixer - upper with one long - term loan.

Jumbos loans are the most common portfolio loan; however, 1 - 4 unit properties that are being purchased for investment purposes rather than as primary, owner - occupied residences are often portfolio loans too.

• Be a citizen of US, US non-citizen or other Qualified Alien • Property must in designated rural area • Have income less than 115 % of the median income in the county • Must occupy the dwelling as primary residence • Must have the legal / financial capacity to incur loan obligations • Shouldn't be suspended or disqualified from participation in federal programs • Establish will to timely meet credit obligations

USDA buyers will need to occupy the property as their primary residence.

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

Reverse mortgages do not require monthly payments and do not become due until the last borrower no longer occupies the home as their primary residence or fails to meet the loan obligations.5 Retirees may be able to improve their monthly cash flow and live a more comfortable lifestyle, by using a reverse mortgage to pay off their home or simply access their home equity to supplement their retirement income.

A reverse mortgage requires borrowers to continue occupying the home as their primary residence.

Borrowers must occupy the new home as a primary residence within 60 days of closing.

All homeowners on the note must be at least 62 years of age and occupy the home as their primary residence.

Unlike a traditional mortgage, home equity loan, or home equity line of credit (HELOC), a reverse mortgage allows senior homeowners to access a portion of their equity without ever having to make a monthly mortgage payment.3 The loan proceeds are not taxed as income, or otherwise, 4 and do not become due until the last borrower or qualifying non-borrowing spouse no longer occupies the home as their primary residence.3

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.

As long as you occupy the home as your primary residence, your single family home could qualifAs long as you occupy the home as your primary residence, your single family home could qualifas you occupy the home as your primary residence, your single family home could qualifas your primary residence, your single family home could qualify.

If the last borrower no longer occupies the home as their primary residence, then the loan becomes due and payable — This can be a limiting factor.

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.

The IRRRL requires only previous occupancy to satisfy the VA and lenders, but veterans looking for a Cash - Out must intend to occupy the home as their primary residence.

The home you purchase through KHC must be occupied as your principle residence while the loan debt is outstanding.

A reverse mortgage becomes due when the borrower fails to meet the loan obligations or no longer occupies the home as their primary residence.

Last year 4,343 Texas homeowners tapped into their home equity using a reverse mortgage loan.3 Unlike a traditional mortgage, a reverse mortgage allows senior homeowners to access a portion of their equity without ever having to make a monthly mortgage payment.4 The loan proceeds are not taxed as income, or otherwise, 5 and do not become due until the last borrower or qualifying non-borrowing spouse no longer occupies the home as their primary residence.

You must intend to occupy the home as your primary residence — no vacation homes or rentals are allowed.

Property securing your FHA refinance mortgage must be owner occupied: At least one borrower of record must occupy the subject property as his or her primary residence.

No, except for a farm on which there is a farm residence which will be personally occupied by the veteran as a home.

Mortgage rates assume a first line mortgage on purchased or refinanced owner - occupied residences only, as well as new construction mortgages for owner occupied primary residence.

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.

Individuals or families who plan to occupy a home located in an eligible rural area as their primary residence may qualify for a USDA Rural Development home loan.

This guideline will not apply if the previous property has been sold or refinanced as a non-owner occupied residence.

When you sell the property or no longer occupy your home as your primary residence for a period of 12 months or longer, or fail to maintain the property taxes and homeowners insurance.

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

VA loans typically require the borrower to intend to occupy the home as their primary residence.

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.