Borrower Eligibility. We will not knowingly submit an application for a non-prime loan for a borrower who is eligible for and whose needs are best met by a prime loan.
Borrower Eligibility. Community Solutions 100 offers “Teacher A+,” “Safety 1st” and “HealthCare Worker+” borrower options, as described below. In the case of co-borrowers, Community Solutions is available if at least one of the co-borrowers qualifies under one of the Teacher A+, Safety 1st or HealthCare Worker+ borrower options described below. To be eligible for Teacher A+, the borrower must be:
Borrower Eligibility. ( a) Eligible en tities . T o be eligible, a bo rr owe r m u s t m ee t t h e r eq u i r e m e n t s specified i n p ara g ra p h s ( a)(1) an d (2) of t h is sec t io n an d i n s u bp ar x X x x x x is p ar t , a s a pplic a ble.
Borrower Eligibility. Borrower is an eligible borrower under the Farm Credit Act and the regulations promulgated thereunder;
Borrower Eligibility. An entity with an eligible loan in good standing, which is secured by a first mortgage and security agreement on a project financed under the Rental Loan Program or Project-Based Section 8 Program prior to January 1, 2009 is eligible to apply under the program. No application for the Program will be considered or approved if the borrower, any of its principals, any entity controlled by the borrower, any affiliates or any guarantor of a borrower’s loan applications: • Is in default or violation of any obligation to Maine Housing; • Has been more than 60 days delinquent on any loan with MaineHousing within the past year from the date of this application or has been issued a Notice of Default or loan documentation violation in the last six months from the date of application, unless an approved payment or workout plan is in place and in good standing; or • Was the owner of any Maine Housing financed project upon which MaineHousing foreclosed. For any proposed changes in ownership, the borrower must demonstrate sufficient previous experience in the development of projects of similar scale and complexity, and satisfy the requirements of MaineHousing’s Ownership Transfer Process, a copy of which is available upon request. A borrower or member of a development team may not participate if the borrower or the development team member: • Is disbarred, suspended, or excluded from any federal program; or • Has ever had a professional license to provide the services the party seeks to provide for the project suspended or revoked; or • Is debarred, suspended, or voluntarily excluded from any MaineHousing programs. Borrowers and their contracts and agents will be required to certify that they are not so classified. MaineHousing may direct applicants to other financing programs for any proposed capital improvements, as it deems appropriate. NOTE: MaineHousing will make the final determination regarding whether or not each loan and borrower is eligible for the Program, including whether or not a loan is subject to a prohibition against prepayment, in its sole discretion. I/We are requesting the following Loan Modification Option (please check only one option): OPTION 1: A fifteen (15) year loan term calculated on a thirty (30) year amortization schedule with a balloon payment at the end of fifteen (15) years. A prepayment prohibition for the first ten (10) years with prepayment allowed at any time throughout the remaining five (years) of the term. A prepayment penalty will ...
