Loan Eligibility
This score is used by lenders to evaluate a borrower’s creditworthiness
What is a credit score (FICO)
A special home loan program designed to help essential workers and other community heroes achieve homeownership
Community Heroes Mortgage Program
The right to receive a copy of the appraisal must be disclosed within this timeframe
What is within 3 business days of application
This account is used to pay property taxes, insurance, and other costs
What is an escrow account
This ratio compares a borrower’s loan amount to the home’s value
What is the loan-to-value ratio (LTV)
This government-backed loan is popular with first-time buyers and allows as little as 3.5% down
What is an FHA loan
Under TRID rules, this many business days must pass after the Closing Disclosure is delivered before loan consummation
What is three business days?
The borrower must receive this statement at least once annually
What is an escrow statement
This is the maximum allowable debt-to-income (DTI) ratio for many conforming loans
What is 43%
This type of loan has a fixed rate for an initial period, then adjusts periodically
What is an ARM (Adjustable-Rate Mortgage)
RESPA requires this document to be provided at closing, detailing all loan costs
What is the Closing Disclosure (CD)
This process helps borrowers avoid foreclosure through options like forbearance or modification
What is loss mitigation