Maximum Loan Amount
The largest loan size permitted on a particular loan program. For programs where the loan is targeted for sale to Fannie Mae or Freddie Mac, the maximum will be the largest loan eligible for purchase by these agencies. On FHA loans, the maximums are set by the Federal Housing Administration, and vary somewhat by state and county. On other loans, maximums are set by lenders.
Popular Mortgage Terms
A lender that holds the loans it originates in its portfolio rather than selling them. ...
A loan with no down payment. ...
The initial interest rate on an ARM, when it is below the fully indexed rate. ...
The total cash required of the home buyer/borrower to close the purchase plus loan transaction or the loan transaction on a refinance. Required cash includes the down payment, points and ...
The definition of a reverse mortgage is important for homeowners 62 and older who want to supplement their retirement income. What exactly is a reverse mortgage? Some say that it is the ...
The standards imposed by lenders in determining whether a borrower can be approved for a loan. These standards are more comprehensive than qualification requirements in that they include ...
A mortgage lender or mortgage broker. ...
A term that small lenders sometimes use to distinguish themselves from mortgage brokers. ...
A borrower who must use tax returns to document income rather than information provided by an employer. ...
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