Mortgage General
An account set up by the lender to pay property taxes and insurance premiums.
What is an escrow account?
A Mortgage insured by the Federal Housing Administration.
What is an FHA Loan?
DTI
What is Debt to Income Ratio?
The waiting period for a USDA loan after a Chapter 7 bankruptcy discharge.
What is 3 years?
Conforming (Conventional) loan limit in Orange County.
What is $832,750?
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 an FHA loan.
What is 56.66%?
What is the FHA loan limit in Orange County.
What is $541,287?
The lender must provide this within three business days of receiving a loan application.
What is The Loan Estimate (Loan Disclosure Package)?
A mortgage that is guaranteed by the U.S. Department of Veterans Affairs.
What is a VA Loan?
LTV
What is Loan-to-Value?
This is the minimum credit score for a DPA (Down Payment Assistance) loan.
What is a 620?
The max seller concessions allowed on an FHA mortgage.
What is 6%
A credit report is only valid for this long before it has to be re-pulled.
What is 120 days?
A mortgage backed by the U.S. Department of Agriculture as part of a Rural Development Guaranteed Housing Loan program.
What is a USDA Loan?
PITI
What is Principle, Interest, Taxes and Insurance?
The minimum down payment for a first time homebuyer with a Conventional loan.
What is 3%?
Type of loan that does not meet the guidelines set forth by Fannie Mae, Freddie Mac, USDA, VA, or FHA
What is a Non-Qualified Mortgage (Non-QM), formerly known as "subprime"
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 mortgage in which a homeowner relinquishes equity in their home in exchange for regular payments, typically to supplement retirement income.
What is a Reverse Mortgage?
PMI
What is Private Mortgage Insurance?
This is a required inspection on every VA deal.
What is a termite inspection?
Borrowers can request PMI cancellation when their loan balance reaches this percentage of the home’s original value.
What is 80%