Mortgage General
Mortgage Programs
Mortgage Acronyms
Mortgage Guidelines
Misc.
100

An account set up by the lender to pay property taxes and insurance premiums.

What is an escrow account? 

100

What is the value of one mortgage point

what is one percent of the loan amount

100

DTI

What is Debt to Income Ratio?

100

This is the length of income history we are verifying.

What is 2 years?

100

The closing cost credit available for HomeStart loans for attending an NDBT homebuyer workshop.

What is $2,500?

200

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? 

200

A mortgage that is not insured or guaranteed by the federal government.

What is a Conventional Loan?

200

DPA

What is Down Payment Assistance?

200

The maximum Debt-to-Income (DTI) ratio on NDBT Portfolio Products? Front & Back End 

What is 35%/40%? 

200

Conforming loan limit in Dallas County

What is $806,500?

300

The lender must provide this within three business days of receiving a loan application.

What is The Loan Estimate (Loan Disclosure Package)?

300

An NDBT program designed to help Low-to-Moderate income individuals obtain homeownership.

What is HomeStart?

300

LTV

What is Loan-to-Value?

300

This is the minimum credit score for NDBT Portfolio Products.

What is a 700? 

300

The DPA programs NDBT participates in.

What is DHAP & City of Irving DPA?

400

A credit report is only valid for this long before it has to be re-pulled. 

What is 120 days?

400

Name the 4 most common types of loans

What is Conventional, FHA, USDA and VA

400

PITI

What is Principle, Interest, Taxes and Insurance? 

400

The minimum down payment for a first time homebuyer with a Conventional loan.

What is 3%?

400

A letter from a LO stating that they have verified funds, income and credit worthiness. 

What is a Pre-Qualification letter?

500

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?

500

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?

500

PMI

What is Private Mortgage Insurance? 

500

 What's done in lieu of obtaining title insurance for loan amounts less than $250,000.

What is a lien search?

500

The LTV percentage needed to request PMI cancellation.

What is 80%?