For purposes of the above, the term "existing residence" means units or dwellings which have been
previously occupied or used, as a residence.
7 (I/We) intend to occupy the residence as (my/our) principal and permanent place of residence within
60 days after the closing of the mortgage, and thereafter continually occupy the residence as
(my/our) principal and permanent residence for the life of the mortgage loan.
8. (I/We) have no present intent to lease, sell, assign or transfer any interest in the residence to another
party and have not entered into any agreement, understanding or other arrangement to lease, sell,
assign or transfer the residence.
9. (I/We) do not intend to nor will anyone else use any portion of the residence in trade or business and
do not intend to deduct any portion of the cost of the residence as a home business expense on
(my/our) federal income tax return(s) (except in connection with the rental on non owner-occupied
units in a two to four unit residence).
10. (I/We) do not intend to use the residence as investment property and do not expect to receive any
income from the residence or the land with the exception of rental income incidental to a two-four
11. (I/We) do not intend to use the residence as a recreational or seasonal residence.
12. All of the land being purchased with the residence reasonably maintains the basic livability of the
residence and will not provide a source of income to the undersigned. No subdivision map or deed
has been recorded providing for the further subdivision of the land nor has the land received any
subdivision approvals from municipal or county zoning authorities. The property being purchased
consists of only one (l) lot which does not exceed one (l) acre in size. The land cannot be subdivided
under current zoning regulations. If the property consists of more than one lot or exceeds one acre in
size (I/We) have disclosed the same in writing to the NJHMFA and will have submitted prior to
closing a letter from the municipal zoning officer stating that the property cannot be subdivided, in
accordance with NJHMFA requirements. (I/We are not currently seeking and have no intention of
seeking any variance from applicable subdivision or other zoning regulations for such purposes. In
any event, (I/We) hereby represent and warrant (I/We) will not subdivide the property or otherwise
convey a portion thereof so long as NJHMFA holds the first lien on the property.
13. (I/We) at the time of the mortgage closing will not own other real estate with the exception of the
A) Other Real Estate is vacant land.
B) Other Real Estate is commercial or industrial in character and use.
C) Other Real Estate is a vacation home and not used as primary residence.
14. (I/We) certify that (I/We) have included incomes of all mortgagors and any other person who is
expected to reside in the residence being financed. Annualized gross income is determined by
multiplying gross monthly income by 12. Gross monthly income is the sum of monthly gross pay;
any additional income from overtime, part-time employment, bonuses, dividends, interest, royalties,
pensions, Veterans Administration compensation, net rental income, etc. and other income (such as
alimony, child support, public assistance, sick pay, social security benefits, unemployment
compensation, income received from trusts, and income received from business activities or
investments). (I/We) understand that the income eligibility verification relied upon by the mortgagee
cannot be more than 4 months old at the time of mortgage closing. (I/We) further understand that if
the mortgage closing does not occur within 4 months, current income verification will be required. If
current household income exceeds applicable income limits, this application will be rejected and any
commitment issued by the Agency will be null and void.
15. (I/We) will not use any part of the loan proceeds to acquire or replace an existing mortgage, except
for a construction period loan, bridge loan or similar temporary initial financing with a term of 24
months or less.
16. (I/We) have not had a present ownership interest in a principal residence, including a manufactured
home, at any time during the three-year period immediately prior to the closing on this home