Examples of Eligible Loan in a sentence
Requested Loan Dollar Amount (the word “MAXIMUM” is not acceptable) Eligible loan amounts are based on additional aid received therefore eligible loan amounts are subject to change.
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Eligible loan" means a loan, secured or unsecured, made for the purpose of financing the operation, maintenance, construction, acquisition, rehabilitation or improvement of property, or the acquisition of a direct or indirect interest in property, located in the State, which is or shall be: (1) primarily residential in character or (2) used or to be used to provide services to the residents of an area or project which is primarily residential in character.
Eligible loan programs:❏ FHA 203(b) 1–2 units, primary residence only❏ Note: Rate Advantage only allows single-unit properties❏ FHA 234(c) condominium unit, primary residence onlyWhen secondary financing is used, a second lien loan application must be completed and executed by the borrowers.
LTV is calculated ([Eligible loan balance] + [Higher Priority Pledge]) / [Property value].