Conventional Mortgage definition

Conventional Mortgage means a mortgage for which the principal amount, at the time of commitment, together with all other equal and prior ranking mortgages: (a) in the case of a property purchase, does not exceed the lower of 75% of the purchase price of the underlying real property securing the mortgage and 75% of the appraised value of the underlying real property securing the mortgage as determined by a qualified appraiser; and (b) in the case of a refinancing, does not exceed 75% of the appraised value of the underlying real property securing the mortgage as determined by a qualified appraiser at the time of such refinancing.
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Conventional Mortgage. A Mortgage that is not guaranteed or insured by the United States or any agency or instrumentality of the United States.
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Conventional Mortgage means a mortgage in which the interest rate does not change during the entire term of the loan.
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Examples of Conventional Mortgage in a sentence

  • In the event that any payment due under any Conventional Mortgage Loan is not paid when the same becomes due and payable, or in the event the Mortgagor fails to perform any other covenant or obligation under the Mortgage Loan and such failure continues beyond any applicable grace period, the Servicer shall take such action as it shall deem to be in the best interest of the Certificateholders.

  • The appraiser for the Mortgage Loan was duly licensed or certified under the applicable law where the Mortgage Loan was originated, and for each Government Mortgage Loan was acceptable to the FHA or VA, as applicable, and for each Conventional Mortgage Loan was acceptable to Xxxxxx Xxx, Xxxxxxx Mac and/or the Takeout Investor, as applicable.

  • Each Conventional Mortgage Loan conforms with all applicable requirements of the Buyer, Agencies or applicable Takeout Investor, including, but not limited to, all requirements for the inclusion of such Conventional Mortgage Loans in any pool of loans or private security as designated by the Buyer, Xxxxxxx Mac and Xxxxxx Mae, and each Conventional Mortgage Loan conforms with all pooling requirements of the Agency or Takeout Investor.

  • In the event that any payment due under any Conventional Mortgage Loan is not paid when the same becomes due and payable, or in the event the Mortgagor fails to perform any other covenant or obligation under the Mortgage Loan and such failure continues beyond any applic­able grace period, the Seller shall take such action as it shall deem to be in the best interest of the Purchaser.

  • Any successor to the Seller shall be an FHA Approved Mortgagee or a VA Approved Lender in the case of an FHA Loan or a VA Loan or, in the case of a Conventional Mortgage Loan, a servicer acceptable to FNMA and FHLMC.


More Definitions of Conventional Mortgage

Conventional Mortgage. A Mortgage that is not guaranteed or insured by the United States or any agency or instrumentality of the United States. Coupon: UMBS Coupon or MBS Coupon, as applicable.
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Conventional Mortgage. A mortgage other than an FHA/VA mortgage, which Xxxxxx Xxx is authorized to purchase under the Federal National Mortgage Association Charter Act.
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Conventional Mortgage means a mortgage in which the interest rate does not change during the entire term of the loan. THIRTEENTH: Article I.13 of the Articles Supplementary is hereby amended by inserting the definition of “Convertible Corporate Indebtedness”:
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Conventional Mortgage means a mortgage loan as
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Conventional Mortgage means the third priority Security Instrument (including all riders thereto) executed by Mid-America Apartments, L.P. in favor of Lender on the Mortgaged Property known as The Park at Hermitage and any other third party Security Instrument that may be executed in the future securing the obligations of the Borrower under the Credit Agreement and the Facility Note.
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Conventional Mortgage means a mortgage loan which is not guaranteed by the VA or insured by the FHA or the FmHA.
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Conventional Mortgage means a Conventional First Mortgage and/or a Conventional Second Mortgage.
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