Mortgage General
An account set up by the lender to pay property taxes and insurance premiums.
What is an escrow account?
What is the value of one mortgage point
what is one percent of the loan amount
DTI
What is Debt to Income Ratio?
This is the length of income history we are verifying.
What is 2 years?
The closing cost credit available for HomeStart loans for attending an NDBT homebuyer workshop.
What is $2,500?
An unbiased professional opinion of the value of a home that is calculated based on comparable sales in the property neighborhood using key features of the home.
What is an Appraisal?
A mortgage that is not insured or guaranteed by the federal government.
What is a Conventional Loan?
DPA
What is Down Payment Assistance?
The maximum Debt-to-Income (DTI) ratio on NDBT Portfolio Products? Front & Back End
What is 35%/40%?
Conforming loan limit in Dallas County
What is $806,500?
The lender must provide this within three business days of receiving a loan application.
What is The Loan Estimate (Loan Disclosure Package)?
An NDBT program designed to help Low-to-Moderate income individuals obtain homeownership.
What is HomeStart?
LTV
What is Loan-to-Value?
This is the minimum credit score for NDBT Portfolio Products.
What is a 700?
The DPA programs NDBT participates in.
What is DHAP & City of Irving DPA?
A credit report is only valid for this long before it has to be re-pulled.
What is 120 days?
Name the 4 most common types of loans
What is Conventional, FHA, USDA and VA
PITI
What is Principle, Interest, Taxes and Insurance?
The minimum down payment for a first time homebuyer with a Conventional loan.
What is 3%?
A letter from a LO stating that they have verified funds, income and credit worthiness.
What is a Pre-Qualification letter?
A type of insurance that is required to ensure the property is free of liens or judgments which could jeopardize the mortgage.
What is Title Insurance?
A process in which a borrower obtains a new mortgage for a beneficial reason to either lower their interest rate, adjust payment schedules or to pull equity out of their home.
What is a Refinance?
PMI
What is Private Mortgage Insurance?
What's done in lieu of obtaining title insurance for loan amounts less than $250,000.
What is a lien search?
The LTV percentage needed to request PMI cancellation.
What is 80%?