Common use of Property Types Clause in Contracts

Property Types. When the security property is a unit in a condominium (or cooperative) project, the project must be one for which the proposed renovation work is permissible under the bylaws of the owners’ association (or cooperative corporation) or one for which the owners’ association (or cooperative corporation) has given written approval for the renovation work. The renovation work for a condominium or cooperative unit must be limited to the interior of the unit (including the installation of fire walls in the attic). • Manufactured homes are ineligible. Mortgage Products/Features • Eligible: • All standard fully amortizing FRMs and 30-year ARM (including Amortization Type and Term) products with initial fixed rate periods of at least 3 years per Selling Guide, including high-balance mortgages. • Ineligible: • Mortgages with interest-only features • Mortgages with original terms over 30 years • ARMs with initial fixed rate periods less than 3 years Eligible ARM Plan Numbers Per Selling Guide (fully amortizing 30-year ARMs with initial fixed rate periods of at least 3 years), as applicable to the standard eligibility requirements for the specific mortgage type. Mortgaged Property • Mortgages must be secured by properties that are acquired from ▇▇▇▇▇▇ Mae and designated by ▇▇▇▇▇▇ ▇▇▇ on ▇▇▇.▇▇▇▇▇▇▇▇.▇▇▇ website as eligible for HomePath Renovation financing. • Lender must document the file with appropriate pages printed from ▇▇▇.▇▇▇▇▇▇▇▇.▇▇▇ showing that the property was eligible for HomePath Renovation financing. Interested Party Contributions(“IPC”) • Maximum IPC: • Notwithstanding the Selling Guide requirements, for principal residences with LTV (or CLTV if applicable) greater than 90%: 6.00% of the Contract Sales Price (see “Determination of Property Value” section below).