A small-dollar mortgage is defined as $100,000 or less on a home the borrower lives in
What the document says“(1) has an original principal balance of $100,000 or less; and (2) is secured by a 1- to 4-unit property that is the principal residence of the mortgagor.”
The section defines a small-dollar mortgage as a mortgage with an original principal balance of $100,000 or less that is secured by a property of one to four units serving as the borrower's principal residence.
What the document actually says“(1) has an original principal balance of $100,000 or less; and (2) is secured by a 1- to 4-unit property that is the principal residence of the mortgagor.”
The loan starts at $100,000 or less. The home has one to four units. The borrower lives there most of the time.
Principal is the amount borrowed, apart from interest. A principal residence is the home a person mainly lives in. A loan must meet both tests to count.
No action is recorded against this proposal. That is not evidence that none has been taken, and nobody has yet read it against the record. See what the tracker does not yet cover.