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9 Cards in this Set
- Front
- Back
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non conventional mortgage
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government loans
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what kinds are non conventional?
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(fha) federal housing administration, (va) veterans administration, (usda) United states deep payment of agriculture, and rural development housing.
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fha (federal housing administration)
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issues lenders against losses
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fha facts
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min payment
primary only lenient qualification guidelines loan can be taken over by other lender |
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va loans are
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guarunteed. if home is foreclosed veteran still collectsa percentage
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Va loan facts
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only on primary
can be pur or ref of traditional, construction, land, and assumption loan. _guarantees 30-, 25-, 20-, and 15- year fixed rate mortgage programs |
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more VA info
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no down payment programs
no MIP loan can be taken over by another person, even non VA no prepayment penaltiesexist |
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be eligible for a VA loan you must have
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COE (certificate of eligibility).
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COE entails
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must be veteran
prove length and character of service |
