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 documentation requirement where the applicant's income is not disclosed. ...
A collateralized debt obligation, also known as CDO, defines a complex financial product. Various loans, mortgages, bonds, and valuables back this commodity, and institutional investors ...
A borrower who must use tax returns to document income rather than information provided by an employer. ...
Housing expense plus current debt service payments. ...
Total costs charged to the borrower that must be paid at closing, by the borrower, the home seller, or the lender. In dealing directly with a lender, settlement costs can be divided into ...
A mortgage on which half the monthly payment is paid every two weeks. This results in 26 payments per year, which is the equivalent of 13 monthly payments rather than 12. Because of the ...
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The initial interest rate on an ARM, when it is below the fully indexed rate. ...
A revers mortgage program administered by Fannie Mae. ...
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