Definition of 30/40 Mortgage Loan


30/40 Mortgage Loan means a Mortgage Loan which (a) has an original term to maturity of not more than thirty years from commencement of amortization, with a balloon payment in year thirty based upon a forty year amortization schedule and (b) is originated in accordance with the Underwriting Guidelines.


30/40 Mortgage Loan means an Eligible Mortgage Loan which has an original term to maturity of not more than thirty years from commencement of amortization, based upon a forty year amortization schedule with a balloon payment in year thirty.

Examples of 30/40 Mortgage Loan in a sentence

No 30/40 Mortgage Loan has a balloon payment due prior to the date which is 15 years following the origination date.