Common use of Eligible Borrower Clause in Contracts

Eligible Borrower. Renovation Borrower must be an individual (for-profit or non-profit investors and local government agencies are not eligible borrowers). Required Appraisal Type Lender must obtain an “as-completed” full appraisal. Determination of Property Value • Property value for purposes of loan delivery and for determining LTV/CLTV/HCLTV shall be the lesser of: • the “as completed” appraised value; or • the sum of the sales price of the property as evidenced by the sales contract between ▇▇▇▇▇▇ Mae and the buyer/borrower (“Contract Sales Price”) and the total renovation costs (which include the renovation costs and all allowable fees and charges).

Eligible Borrower. Renovation Borrower must be an individual (for-profit or non-profit investors and local government agencies are not eligible borrowers). Required Appraisal Type Lender must obtain an “as-completed” full appraisal. Determination of Property Value • Property value for purposes of loan delivery and for determining LTV/CLTV/HCLTV shall be the lesser of: • the “as completed” appraised value; or • the sum of the sales price of the property as evidenced by the sales contract between ▇▇▇▇▇▇ Mae and the buyer/borrower (“Contract Sales Price”) and the total renovation costs (which include the renovation costs and all allowable fees and charges).