Down Payment


Definition of "3/2 Down Payment"

Programs offered by some lenders under which a borrower who is able to secure a grant or gift equal to 2% of the down payment will only have to provide a 3% down payment from their own funds.



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Related Real Estate Glossary terms

Batten

Board used when connected as a floor. It may also be used as a strip in a wall or door. ...

Moral Hazard

Circumstance which increases the probability of loss because of an applicant's personal habits or mo ...

Discount Rate

Rate charged by the Federal Reserve to commercial banks for overnight loans made by these banks. If ...

Interim Use

Temporary use of property until a formal zoning ruling is reached overturning it. Interim use is a f ...

Application Fee

A fee that some lenders charge to accept an application. It may or may not cover other costs such as ...

Cause Of Action

Legal claim with enough basis in fact to have a lawsuit. ...

Related Real Estate FAQ

What Is Accession?

The right of a property owner to have and enjoy all of the advantages of property ownership includin ...

What Is An Index?

An index is an economic indicator used to set the rate for adjustable-rate mortgages. ...

Do I Need Flood Insurance?

Over 90% of all presidential-declared disasters in the United States are flood related. Leveling for ...

What Is Homeowners Association (HOA)?

Homeowners association is a nonprofit association that manages the common areas of a condominium or ...

What Is A Subdivision?

A subdivision is a piece of land divided into several plots in which homes are built. ...

What Does FSBO Mean?

FSBO means for sale by owner. ...

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What is a gated community? What is an escrow officer? Do I need flood Insurance? What is an easement? What is a proration?