Loan Type
An Insurance Program implemented by the government to encourage banks to make home loans after the depression-Borrowers are only required to make a 3.5% down payment
What is FHA
A borrower looking to get a new mortgage to lower the interest rate
What is rate term re-fi
1 unit property that is detached
What is single family home
APR
What is Annual Percentage Rate (APR): The total yearly cost of a mortgage stated as a percentage of the loan amount; includes the base interest rate, primary mortgage insurance, and loan origination fee (points).
Acceptable income documentation for a business owner
What is Business Returns, K-1's and YTD P&L
A mortgage program established to help service men and women obtain home financing, offers 100% financing without MI
What is VA
A borrower is looking to get a new mortgage to get additional funds from the equity in their home?
what is cash out re-fi
a single family attached home
What is twin home or townhouse
PITI
What is Acronym for the items included in a monthly payment: principal, interest, taxes, and insurance.
What is an acceptable source of assets for Asset Dissipation
What is investment account statements and/or 401k statements
Short Term loan for financing the cost of building a home, the lender disburses funds to the builds at periodic intervals
What is a construction loan
Borrower wants to pay off several debts along with reduce the rate on their first mortgage
What is cash out- re-fi
Borrower owns the unit and interior walls as well as a portion of the common area
What is a condo
DTI
What is Debt-to-Income Ratio: The relationship between the borrower's long-term debt payments and the monthly income.
What is a paystubs, w2's
Typically amortized over 30 years- this product offers an initial rate for a certain period of time after that period the rate becomes fully-indexed
What is ARM loan
Borrower is looking to combine their first and second mortgages, the second mortgage was used for home improvements
what is cash out re-fi
Homes that are build in sections at a factory- theses are transported to the home site typically on a flat bed trailer
What is Modular Home
FNMA
What is Fannie Mae:Federal National Mortgage Association (FNMA), the nation's largest mortgage investor. A quasi-governmental secondary market organization that offers various mortgage purchase and securitization programs.
Can unsecured funds be used for down payment
no
Will allow you to drop your MI when you hit a certain % down
What is Conventional Loan
Borrower is looking to combine their first mortgage and second from their 80/10/10 loan
What is rate term re-fi
1-4 unit home that the borrower does not live in
What is Investment property
FHLMC
What is Freddie Mac: Another name for the Federal Home Loan Mortgage Corporation (FHLMC), a quasi-governmental secondary market organization that offers various mortgage purchase and securitization programs. Its major program is the Freddie Mac Participation Certificate (PC).
what is an acceptable source for student loan documentation when loans are deferred
Letter from student loan company or 1% of balance for re-payment