Mortgage Product without PMI
A loan with no closing costs
What is the Max Refi
Most common loan and requires 3.5% down
FHA
PMI stands for what?
What is Private Mortgage Insurance?
Loan product with a 7 or 10 year term only.
What is Steady Path
PITI STANDS FOR
Principal, interest, property taxes and insurance
Can go up to 95% loan to value
what is debt buster?
Loan for Veterans or service members
These 2 items are usually in an escrow account.
What is homeowner's insurance and property taxes?
Mortgages that allow our member to take a lower interest rate now but could adjust at a pre-determined time
What is Adjustable Rate Mortgage (ARM)? Bonus point: naming the different ARM we offer
Minimum credit score for CUO first time homebuyer program
what is 720?
Can be used for certain professions such as Veterinarians, CUO Employees or Engineer
What is the NextEdge
Home must be located in a designated rural area to qualify.
What is Rural Development? (RD or USDA)
ARM stands for what?
What is Adjustable Rate Mortgage?
Program that allows our borrowers to lock the interest rate while they look for a home
What is Rate Lock and Shop?
Maximum percentage offered by FHA DPA program.
What is 3.5% of purchase price?
Specifically for someone who has not owned a home in the last 3 years
What is First Time Buyer Mortgage?
Down payment Assistance program for first time homebuyers.
What is MSHDA Down Payment Assistance?
MIP stands for what?
What is Mortgage Insurance Premium?
ARM rate lock options. (bonus point: what are the rate reductions)
What is 5/6 7/6 10/6
rate reduction for ARMs
5/6: .75%
7/6: .50%
10/6: .25%
A conventional loan will waive PMI with this criteria.
What is loan to value 80% or less?
Two of these loans require ZERO down payment. The loan to value can exceed 100%.
What is VA and RD/USDA?
Two conventional loan investors
Who is Fannie Mae and Freddie Mac?
Would allow current mortgage holder to lock into a today's lower rates without refinancing
What is a non-hardship modification?
Property types allowed on CUO specialty programs.
What is SFH, CONDOS, SITE CONDOS and PUDs