Types of Loans
This loan requires 3.5% down and a max seller concessions of 6%
What is FHA
“As-is” does not mean no inspections—it means the seller isn’t agreeing in advance to make
What is Repairs / concessions?
There will be a high, a low, but lenders use the middle
What is a credit score
In negotiation, the fastest way to keep leverage is to set a clear response deadline- also known as an offer ______
What is Offer Expiration?
In Home Alone, Kevin sets traps to stop these two burglars from robbing the house.
What are the Wet Bandits? (Harry Lyme and Marv Murchins)
First-time buyers (anyone not on a note or a title in the last three years) purchasing a single unit primary residence can utilize Fannie Mae HomeReady OR Freddie Mac Homepossible loans with as little as this amount down
What is 3%
The official document that transfers ownership from seller to buyer at closing is the
What is a Deed?
A buyer will need at least 10% of the purchase price in this in order to close smoothly
What are assets
The metric that shows whether a market favors buyers or sellers is typically measured by “months of
What is Months of Inventory?
The movie where Buddy travels from the North Pole to NYC to find his dad.
What is Elf?
Make good money, not great, and looking to buy a nice home in a rural area - you may want to use this type of loan
What is USDA
The clause that allows a buyer to cancel or renegotiate based on inspection results is called an
What is an inspection contingency?
This can be variable, hourly, salary, commission, and passive, but to count it, it must be full-time or at least 2 years part-time at the same employer
What is income
An appraisal mainly uses closed sales from the last..
3-6 Months
“You’ll shoot your eye out!” is the iconic warning from this holiday classic.
What is A Christmas Story?
Bank at M&T and looking for a mortgage that makes an extra payment per year and offers a "rate modification" once every 12 months - this loan is right for you
What is the M&T Bi-Weekly Mortgage
A title issue like an old mortgage that was paid off but never removed from record is called a...
What is a lien/cloud on title?
These entities each do it their own way but in the end tell the lender if the borrower is a good bet to pay money back
What are credit bureaus
A seller insists on “testing the market” over comps. Best strategy: agree to the price only if you also agree on a...
What is Price Reduction Timeline
In The Grinch, this tiny town celebrates overly Christmas.
What is Whoville?
M&T is the largest lender to this state agency that traditionally offers a DPAL PLUS II up to $30K each spring
What is SONYMA
The #1 thing that can blow up a closing last minute is the buyer opening new debt (like furniture), because it can change their
What is DTI/ credit profile?
This official request helps to predict the borrower's future income is reliable
What is Verification of Employment
When a home doesn’t appraise, one solution is for the buyer to bring extra cash to cover the difference.. AKA an ________
What is an Appraisal Gap?
“Bend over and I’ll show you” is quoted from this Christmas comedy.
What is National Lampoon’s Christmas Vacation?