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