LAND HO!
Land in which the owner has no restrictions and can bought or sold to any individual, or left to heirs. You pay taxes on it.
What is Fee Simple?
This is the most common type of mortgage and is backed by private lenders, like banks, and offers competitive rates. Typically this buyer has funds for a down payment and closing costs.
What is a Conventional Mortgage Loan?
A combination of adjustable rate and fixed rate mortgages. These loans normally start at below-market rate.
What is a Two-Step Loan?
Lenders require a third-party objective view to figure out, or assume, what the cost or value of the home your client has selected.
What is an appraisal?
A numerical interpriation of a consumer's creditworthiness based on information in his/her credit report. It determines your FICO from the three major credit reporting agencies.
What is your Credit Score?
A standalone, residential, building that generally sits on it's own piece of land and isn't attached to any other structure.
What is a Single Family Residence?
Land or any interst in land that held in thrust by the US government for an individual waaksik or tribe.
What is Trust Land?
A type of mortgage with less stringent lending and underwriting terms and conditions, usually offered to borrowers with less than ideal credit and carries a higher interest rate.
What is a Subprime Mortgage Loan?
This type of loan requires a payment in full at the end of a set period. This will not be for Government loans though.
What is a Ballon Mortgage?
This professional looks around your home to see if the homes structure and mechanical systems to determine quality, soundness, and safety. The client will receive a written report for any repairs that may need to be addressed immediately.
What is an Inspection?
This document has information that can determine a client's ability to achieve personal and financial goals, and has details such as History of Accounts, Number of Inquiries, Number of collections contained within it's pages.
What is a Credit Report?
Buildings made up of individual units, similar to apartments, that are owned rather than rented.
What is a Condominium?
Any interest in land held in trust by the BIA, One of many heirs on this type of land.
What is Allotment?
Home loan program offered to eligible Native veterans who want to purchase. construct, or improve a home on trust lands, with no down payment.
What is a VA Home Loan?
This type of loan begins at a rate that is well below the market rate. The payments increase at a flat rate and then level off for the remaining term.
What is the Graduated Payment Mortgage?
This person is a lenders representative who analyzes the potential borrower's loan application, credit history, and judgment of the property to determine the amount of risk involved with making the loan and amount. A fee for this is added in to the closing costs.
Who is an Underwriter?
Items that are listed publicly, including bankruptcy, payment history, account dates, credit limits, and balances owed.
What is Public Records?
An individually owned dwelling that shares at least one wall with another unit and has its own entrance from the street.
What is a Townhouse?
The Federal government set aside 200,000 acres of land to be held in trust for homesteading by Native Hawaiins.
What is Hawaiin Home Land?
This program offers both sections 502 guaranteed and direct loans to homeowners interested in living in a rural area. Designed for homebuyers with low to moderate income.
What is the USDA Rural Loan?
This type of loan can be transferred to a qualifying buyer under the same terms and conditions stated in the seller's mortgage. Like a sub-lease for rentals, only this is for a mortgage loan.
What is an Assumable Mortgage?
This document is an contract between the borrower and a general licensed contractor to build a house.
What is a Contractors Agreement?
Consumer credit rights protected by US law. All reporting has to be accurate and complete. FTC has more information about these rights.
What is the Fair Credit Reporting Act?
Factory-built and assembled on-site by a builder on a permanent foundation on a piece of property. Not the same as trailer house.
What is a Modular Home?
Indian, Native, Eskimo, and Aleut hold land under a unique system imposed by the Alaska Natives Claims Settlement Act of 1971.
What is Alaska Native Land?
This program offers Native families with flexible underwriting, the oppertunity to purchase a home on fee-simple, trust, or alloted land.
What is the Section 184 Loan?
This is generally a contract for deed in which the seller keeps the original mortgage. The buyer will be making payments to the seller instead of the lending institution.
What is a Wrap Around Mortgage?
This five (5) page form provides final details about the mortgage loan the client has selected, including loan terms, monthly payments, and explanation of fees and other costs. Normally received three days before closing.
What is the Closing Disclosure?
Length of time that the client has used credit. Longer history provides more information for lenders, which means lower risk.
What is Credit History?
Manufactured homes are built in a factory and then transported to a plot of land. These tend to be some of the cheapest homes to purchase but getting a mortgage is more difficult.
What is a Moblie Home?