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Generally, existing development in a community is not affected by the new zoning laws because it is "grandfathered" or legally non-conforming as a nonconforming use, meaning the prior development is exempt from compliance. [93] Consequently, zoning may only affect new development in a growing community.
Non-conforming loans are mortgages that aren't eligible for sale to Fannie Mae and Freddie Mac, the two government-sponsored enterprises that back much of the U.S. mortgage market.
Nonconforming use in urban planning the use of land that was authorised at the time the use was created but is no longer allowed due to changes made to the zoning restrictions after that time. [1]
A non-conforming mortgage is a term in the United States for a residential mortgage that does not conform to the loan purchasing guidelines set by the Federal National Mortgage Association /Federal Home Loan Mortgage Corporation (Fannie Mae and Freddie Mac). Mortgages which are non-conforming because they have a dollar amount over the ...
Both conforming loans and conventional loans refer to private (non-government) and commercial mortgage loans. And their meanings overlap. But “ conventional loan ” is a broader category.
‘All our dreams are out of the window’: This Florida couple paid $350K for an empty lot to build 3 houses on — only to discover their land was ‘unbuildable’ due to 1 undisclosed problem
A non-conforming loan is a loan that fails to meet bank criteria for funding. Reasons include the loan amount is higher than the conforming loan limit (for mortgage loans), lack of sufficient credit , the unorthodox nature of the use of funds, or the collateral backing it.
The number of classes recognized should be kept to the minimum necessary to meet interpretative aims; five should probably be the most ever used. If three Classes are recognized within the Order Suitable, as can often be recommended, the following names and definitions may be appropriate in a qualitative classification: