Down Payment


Definition of "3/2 Down Payment"

Scott Ricamore
  Keller Williams Park Cities

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.


Search Real Estate Glossary

 

Related Real Estate Glossary terms

Codicil

Amendment to a will that adds or modifies clauses in that will, such as adding an additional benefic ...

Testamentary Intention

Interpreting the objective of a testator in his or her will. The disposition of the testator's estat ...

Unearned Premium Insurance

Coverage for loss of unearned premium if insured property is destroyed before the end of a policy pe ...

Total Annual Loan Costs (TALC)

A measure of interest cost on a reverse mortgage. ...

Mortality

Frequency of death. ...

Moisture Barrier

Layer of material put on the outside wall or foundation to prevent the intrusion of water or humidit ...

Related Real Estate FAQ

What Is An Interest Rate?

An interest rate is the percentage the lender charges you for borrowing money. ...

What Is A Lock In?

A lock in guarantees a certain interest rate for a certain period of time. ...

What Is A Broker?

An agent who is authorized to open and run his/her own agency. All real estate offices have one prin ...

What Is Homeowners Insurance?

Homeowners insurance is an insurance policy that combines personal liability insurance and hazard in ...

What Is A Subdivision?

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

What Is A VA Loan?

A VA loan is a type of loan available to veterans and guaranteed by the Department of Veterans\' Aff ...

Read why Real Estate Agent rates 5 Stars in 10 Agent Reviews
Read Reviews

Agents join here
Add our widget on your Website

Real Estate Advice

How To Get A Loan with Bad Credit Top Five Reasons Your Home Offer was Rejected What is Hazard Insurance? What is Earnest Money Getting Ready to Sell? Don't make these DIY Mistakes!

FAQ

What is principal? What does preapproved mean? What is a fixed-rate mortgage? What is a seller disclosure? What is a gift letter?