No-Asset Loan
Definition of "No-Asset Loan"
A documentation requirement where the applicant's assets are not disclosed.
Popular Mortgage Terms
A loan eligible for purchase by the two major federal agencies that buy mortgages, Fannie Mae and Freddie Mac. Conforming mortgages cannot exceed a legal maximum amount, which was $322,700 ...
A plan purporting to protect FHA homebuyers against property defects. ...
The upfront and/or periodic charges that the borrower pays for mortgage insurance. There are different mortgage insurance plans with differing combinations of monthly, annual, and upfront ...
The specific interest rate series to which the interest rate on an ARM is tied, such as 'Treasury Constant Maturities, One-Year,' or 'Eleventh District Cost of Funds.' ...
A derogatory term for lender fees that are expressed in dollars rather than as a percent of the loan amount. ...
A loan with no down payment. ...
All the combinations of interest rate and points that are offered on a particular loan program. On an ARM, rates and points may also vary with the margin and interest rate maximum. ...
One or more persons who hove signed the note and are equally responsible for repaying the loan. When One Co-Borrower Has Much Better Credit than the Other: A problem that arises frequently ...
On an ARM, the assumption that the interest rate rises to the maximum extent permitted by the loan contract. ...
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