Primary Residence loan definition

Primary Residence loan means a loan used to acquire a dwelling unit that will, within a reasonable period of time, be used as the Participant's principal residence.
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Primary Residence loan means a Single-family Mortgage Loan one of whose mortgagors has answered "yes" to Question "l" in Section VIII (Declarations) of the Uniform Residential Loan Application for such Mortgage Loan ("Do you intend to occupy the property as your primary residence?"), is shown as an owner of record in the recorded deed to such property and has executed the promissory note and the Mortgage evidencing and securing that Single-family Mortgage Loan and, to the best knowledge of the Companies, currently resides in the single-family residence -- or in one of the dwelling units of the two-, three- or four-family residence -- that is the subject matter of such mortgage loan, as his or her principal and primary residence.
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Examples of Primary Residence loan in a sentence

  • However, if the loan qualifies as a Primary Residence loan, the term may be longer than 5 years.

  • The term of repayment of a "Primary Residence loan" may not be greater than 10 years.

  • Replacing aged equipment with energy efficient equipment, load balancing of Distribution Transformers, bifurcation of overloaded feeders etc.

  • The term of repayment of a "Primary Residence loan" may not be greater than 15 years.• Note that the amount of any loan (other than a "Primary Residence loan") not repaid within 5 years may be treated as a taxable distribution on the last day of the 5 year period, including any available cure period or if sooner, at the time the loan is in default.

  • The following terms, which are not defined in the Summary Plan Description, have the following meanings: "Participant" means an individual on whose behalf contributions were made to the Plan and who retains an Account under the Plan. "Primary Residence loan" means a loan used to acquire a dwelling unit that will, within a reasonable period of time, be used as the Participant's principal residence. "Sub-Account" means a sub-account maintained under a Participant's Account.

Related to Primary Residence loan

  • Non-Primary Residence Loans The Mortgage Loans designated as secured by second or vacation residences, or by non-owner occupied residences, on the Mortgage Loan Schedule.

  • Primary Residence means an Insured’s fixed, permanent and main home for legal and tax purposes.

  • Residential mortgage loan means any loan primarily for

  • Investor-Owned Residential Loan means a Loan, excluding advances made pursuant to a Home Equity Loan, that is secured by a mortgage on a one- to four family residences or stock of cooperative housing associations that is not owner-occupied or the borrower’s primary residence.

  • for any Mortgage Loan means the percentage shown as the "Gross Margin" for the Mortgage Loan on Exhibit A to the Sale and Servicing Agreement.

  • Covered Loan A Mortgage Loan categorized as Covered pursuant to Appendix E of Standard & Poor's Glossary.

  • Investor-Owned Residential Loans means Loans, excluding advances made pursuant to Home Equity Loans, that are secured by mortgages on one- to four family residences or stock of cooperative housing associations that are not owner-occupied. These loans can be treated as Restructured Loans on a commercially reasonable basis and can be a restructured under terms separate from the Exhibit 5 standards. Please refer to Exhibit 2b for guidance in Calculation of Loss for Restructured Loans.

  • Park Monaco Mortgage Loans The Mortgage Loans identified as such on the Mortgage Loan Schedule for which Park Monaco is the applicable Seller.

  • Jumbo Mortgage Loan is a collective reference to Jumbo Mortgage Loans (Standard Limit) and Jumbo Mortgage Loans (Specialty).

  • Residential service means water service provided for domestic or irrigation purposes in a residential area and is not considered a commercial service.

  • Residential Zone means a zone earmarked for buildings exclusively designed for human habitation and in no case shall include its use in whole or a part thereof for any other purpose e.g commercial activities, school, institution, shop, office, clinic, beauty parlor, guest house, marriage center, gymnasium, tuition center, club activities, work-shop, store or godown etc. or for the purpose of political, religious and sectarian activities. It includes parks, gardens, play grounds, sector shops and other open spaces located in the area earmarked in the residential zone.

  • Residential facility means a home or facility that is licensed by the department of developmental disabilities under section 5123.19 of the Revised Code and in which a child with a developmental disability resides.

  • Residential Lot means a lot, the use of which is limited by law, covenant,

  • Apartment Dwelling means any dwelling unit within a building containing more than four dwelling units where the units are connected by an interior corridor;

  • Residential means that the Premises where the Service is installed are used wholly:

  • Residential housing or "Residence" means a single-family, owner-occupied dwelling located within the State that qualifies for financing by the Authority within the meaning of the Act, the Rules and Regulations, the Code and related regulations.

  • Residence Employee means a person employed by you to perform duties in connection with the maintenance or use of the insured premises. This includes persons who perform household or domestic services or duties of a similar nature for you. This does not include persons while performing duties in connection with your business.

  • Residence in foreclosure or “affected residence” means residential real property consisting of one to four family dwelling units, one of which the owner occupies as the owner’s principal place of residence, where a delinquency or default on any loan payment or debt is secured by or attached to the residential real property including but not limited to contract for deed payments, real estate contracts, or real estate taxes.

  • Residential real estate means any real property located in this state, upon which is constructed or intended to be constructed a dwelling;

  • Resident physician means a physician enrolled in an internship, residency or fellowship.

  • Wet-Ink Mortgage Loan means a Mortgage Loan which any Seller is selling to Buyer simultaneously with the origination thereof and for which the Mortgage Loan Documents have not been delivered to the Custodian.

  • Residential Subscriber means any Person who receives Cable Service delivered to Dwelling Units or Multiple Dwelling Units, excluding such Multiple Dwelling Units billed on a bulk-billing basis.

  • funeral home means a building or structure with facilities for the preparation of dead persons for burial or cremation, for the viewing of the body and for funeral services;

  • Jumbo Loan means a Mortgage Loan that conforms to (i) all of the Agency Guidelines’ requirements for a Conventional Conforming Loan except that its original principal amount exceeds the maximum allowed by Agency Guidelines and (ii) the maximum CLTV and minimum FICO Score criteria specified on Schedule II.

  • Residential Dwelling Any one of the following: (i) a detached one-family dwelling, (ii) a detached two- to four-family dwelling, (iii) a one-family dwelling unit in a Xxxxxx Xxx eligible condominium project, (iv) a manufactured home, or (v) a detached one-family dwelling in a planned unit development, none of which is a co-operative or mobile home.

  • Real Estate Loan means any debt obligation that is (a) directly or indirectly secured by a mortgage, deed of trust or similar Lien on commercial real estate, residential real estate, office, retail or industrial property or undeveloped land, is underwritten as a mortgage loan and is not otherwise associated with an operating business or (b) a loan to a company engaged primarily in acquiring and developing undeveloped land (whether or not such loan is secured by real estate).