Conventional Loans
What is the minimum percentage down on a conventional loan for a first-time homebuyer?
3%
What does APR mean?
What is the lendable credit score for a home mortgage?
580
What is the minimum percentage down on an FHA loan for a repeat buyer?
3.5%
What is the highest mortgage rate on record?
18%
What is the conventional loan limit for 2024?
$766,550
what is a 2/1 buydown?
Temporarily buying down the interest rate for 2 years at 1%
What 3 documents are requested by a lender when starting the pre-approval process?
Paystubs, bank statements, and W2/tax returns
What is the maximum percent of financing is allowed on a VA loan?
100%
Your mortgage is paid off
At what percentage down is mortgage insurance NOT required for this loan?
20%
A type of insurance that is required to ensure the property is free of liens or judgments which could jeopardize the mortgage
Title Insurance
When self-employed, how long of work history is required by a lender?
We must have a 2 year history.
Do you have to be a First Time Homebuyer to Use the First Time Homebuyers program for VA loans?
NO
A Type of mortgage in which the interest rate changes periodically, up or down, usually once or twice a year
Adjustable Rate Mortgage
What is the national average for conventional interest rates today?>
7%
Where does the word "Mortgage" come from?
Old French Word that means "morgage" or "mort gaige" which means " dead pledge": Your mortgage died once you pay off or fail to make the payments
Do you need a downpayment if you are not a first time homebuyer?
NO
21 years
How long Cami has been in lending -
THIS IS DOUBLE JEOPARY!
What is the name of the agency that offers Down Payment Assistance programs?
NIFA ( Nebraska Investment Finance Authority)
For a conventional loan, how many miles does a second home to be from your primary residence?
50 miles
THIS IS DOUBLE JEOPARDY
When are rates supposed to go down?
What is Jumbo Financing?
Anything above the county conventional limit
In an FHA transaction how many years does a borrower have to wait to finance if they file bankruptcy?
2 years after discharge
What company is the number #1 lender in Lancaster county and has been for many years?