Income
What is two keywords that may mean a borrower is self employed?
Partnership or LLC
What is a conforming loan?
Meets Fannie Mae or Freddie Mac guidelines.
What is a primary residence?
The borrower lives in the home for the majority of the year. It is the address on file for licensing and taxes.
What is a Rate and Term Refinance?
A borrower is looking to get a new mortgage to lower the interest rate.
What is a single family detached home?
A one unit property that is detached.
What is 90 days?
Funds need to be seasoned in an account for
what is a VA loan?
mortgage program that help men and women obtain home financing
What is a second home?
The borrower purchases the home for their full-time student that is a reasonable distance away from their current property
What is cash out refinance?
A borrower is looking to combine their first mortgage and second mortgage. The second mortgage was used for home improvements.
What is a modular home?
Homes that are built in sections at a factory. The sections are transported to the home site on flat bed trucks.
What is two keywords that may mean a borrower is self employed?
Partnership or LLC
What is a construction loan?
A short-term interim loan for financing the cost of building a home.
What is a primary residence?
The borrower purchases the home for their handicapped child or elderly parent.
What is a second mortgage or home equity loan?
A borrower wants to get equity from their home but they do not want to refinance their existing mortgage.
What is a Co-op?
Residents purchase stock in a corporation that owns a structure; each stockholder is then entitled to live in a specific unit of the structure and is responsible for paying a portion of the loan
What is two years tax returns?
What a self employed borrowers income is verified with.
What is an ARM?
Typically amortized over thirty years. This product offers an initial rate for a certain period of time.
What is three questions you should ask when a borrower wants to purchase an investment property?
How many properties do you currently have financed? Have you received rental income in the past? How much will you receive in rental income?
What is cash out refinance?
mortgage finance plan.
What is a condo?
Borrower owns the unit and interior walls as well as a portion of common areas.
What are four sources of income that can be included on an application?
Disability, retirement, social security and pension
What is FHA?
An insurance program implemented by the government to encourage banks to make home loans after the depression.
What is a primary residence?
The borrower lives in the home for the majority of the year. It is the address on file for licensing and taxes.
What is a Rate and Term Refinance?
A borrower is looking to combine their first mortgage and second mortgage from their 80/10/10 loan.
What is a townhouse?
A single family attached home