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22 Cards in this Set

  • Front
  • Back
current annual loan limit is $417,000
Conventional loan
any properties above 4-units
Commercial loan
loans underwritten to government guidelines
government loans
type of government loans
203b, 203k
types of FHA loans
FHA loans serve who
individuals with low credit score, bankruptcies may qualify
loan amount from $417k to $1 million
Jumbo loan
loans over $1million
Super Jumbo loans
higher risk loan for income that is not verifiable, property that is less desirable, or low credit
Sub-prime loan
specialized loan producst filling a specific need
Niche loan
examples of niche loans
Reverse mortgage, HECM, Hard Money, Bridge, N/O/O, Investment Property, Stated Income, NIV, NINA, Fixed/Variable, Buydowns
Home Equity Conversion Morgtgage
Non Owner Occupied
No Income Verification
No Income NO Asset Verification
are payments made at time of closing to temporarily bring down the interest rate for a period of time and the Payment can be made by the borrower
Any loan that is not recorded in a superior or first mortgage position
2nd mortgage
Types of 2nd mortgage
Debt Consolidation, Home Improvement, Home Equity, HELOC
Home Equity Line of Credit
Type of loan that is payed of by a permanent or long term mortgage
Construction Loan
What is the use of a Construction Loan?
used for homes that are not built or are getting remodeled.
What is a Construction appraisers responsibility?
The appraiser must return to the property after completion to make sure the improvements were completed as per plans and specifications.