RE Financing Ch.10 Conventional Financing Quick Key Terms

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  1. Conventional loan
    non-government insured
  2. Conforming loan
    Fannie Mae, Freddie Mac underwriting copy
  3. Nonconforming loan
    not meeting Fannie Mae and Freddie Mac underwriting guidelines
  4. Investor Loan
    rental property loan
  5. Jumbo loan
    expensive neighborhood loan
  6. Loan-to-value ratio (LTV)
    relationship between loan amount and sale price (or apprasied value)
  7. Loan-level price adjustment (LLPA)
    risk factors charge
  8. Private mortgage insurance (PMI)
    insurance on high-LTV
  9. Homeowners Protection Act
    law requires no more insurance for little payments left
  10. Secondary financing
    downpayment loan
  11. Piggyback loan
    secondary financing for LTV 80%
  12. Debt to income ratio
    calculation for stable monthy income
  13. Housing expense to income ratio
    indicates percent of stable montly income for housing expense
  14. Recurring obligations
    recurring debts
  15. buydown
    lower interest rate
  16. Permanent buydown
    permanent lower interest rate
  17. Temporary buydown
    buydown for at most first three years
  18. Affordable housing program
    poor people; lower requirements
  19. Biweekly mortgage
    biweekly mortgage payments

Card Set Information

Author:
Blue2xa88
ID:
321657
Filename:
RE Financing Ch.10 Conventional Financing Quick Key Terms
Updated:
2016-07-05 02:09:04
Tags:
conventionl financing terms
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Description:
Conventional financing key terms
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