Transcription of Section 3.1: Borrower Eligibility - esnmc.com
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Section 3.1: Borrower Eligibility - esnmc.com
Section : Borrower Eligibility Borrower Eligibility A Overview SecurityNational Mortgage will allow mortgages made to natural persons only. If the borrowers are another type of legal entity or hold title in another type of entity (such as a corporation, S Corporation, non revocable inter vivos trust, life estate, land trust, general partnership or real estate syndication), the mortgage is ineligible. Additionally, loans where a custodian, agent, conservator, or guardian is signing on behalf of the Borrower , non Borrower spouse, or a vested owner are not allowed. B Borrower 's Age All borrowers must have reached the age at which the mortgage note can be legally enforced in the jurisdiction where the property is located. There is no maximum age limit for borrowers. All borrowers are evaluated on their ability to meet SNMC underwriting guidelines.
Section 3.1: Borrower Eligibility SNMC Page | 3 3.1E Residency (cont’d) 3.1E3 NonPermanent Resident Aliens Non‐permanent resident aliens are non‐United States citizens who are permitted to reside in the United
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