The Approved Credit policy

2. Conditions and criteria which shall apply for mortgage loans granted by a financial institution to be eligible for refinance by JMRC

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The mortgage loan presented to JMRC for refinance shall satisfy the following requirements:

1. It collaterized by first degree lien on property.
   
   
2. Its value does not exceed 100% on the current date in proportion to the estimated value of the mortgage proerty.
   
   
3. It has been granted for only construction or purchase of new house or family dwelling, or renovation of residential housing. In case of funding the refinance loan from JMRC resources other than the loan from the government of jordan to JMRC. The refinance loan may apply for financing the construction, purpose of houses or for the completion, maintenance or expansion of existing purposes or the purchase of real-estate for housing purposes or for development same for such purposes.
   
   
4. The weighted average of the remaining term of the mortgage loans in the pool to JMRC for refinance should be at least 140% of the term of the loan being extended by JMRC to the borrowing financial institution.
   
   
5. Each mortgage loan in the pool is no more than two installments in arrears if repayment is on monthly basis, or less than three months have elapsed since the due date of an installment, if repayment is not on monthly basis.
   
   
6. Every mortgage loan must have been granted to cover properties put to residential use only and the mortgages thereon provide for foreclosure and taking possession in case of default.

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