________ (C) Existing two-to-four dwelling unit residence where at least one unit has
been occupied as a residence by the owner for at least five years
immediately preceding the date hereof;
________ (D) Newly constructed two-family dwelling units, completed as of the title
closing date to the extent that occupancy is permitted under local law in
Target Areas only; and
________ (E) For “factory-made housing which is permanently fixed to real property”
(i.e., mobile home).
For purposes of the above, the term "existing residence" means units or dwellings which have been
previously occupied or used, as a residence and the term "newly constructed residence" means units
or dwellings which have not 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-to-four unit residence.
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 both live in the residence being financed and be secondarily liable. 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