First Time Homebuyers Program - borrowers first time buying a home used as their primary residence.
100%, 103%, 107% Homebuyers Program
Investment property - real estate owned by an investor that is not being occupied as his primary residence.
2nd home - or - 2nd residence or a vacation home - not being occupied all year round.
FHA mortgage loans - a mortgage loan that is insured by the Federal Housing Administration
VA mortgage loans - a mortgage loan that has a guarantee from the Department of Veteran's Affairs
Stated/No Income Verification Loans - a mortgage loan program that does not require borrower to show proof of income.
2nd mortgage loans - loans given to credit worthy individuals for amounts anywhere above $5,000 where policy requires homes to be used as collateral although equity (or no equity at all) is not the major factor.
Mortgage Only Program - using the mortgage loan credit rating to determine qualification for the loan approval.
Cash out refinance - payoff of existing mortgage loan through another lender receiving cash at closing table.
Rate & term only - payoff existing mortgage loan through another lender receiving a better rate and term with no cash at the closing table
Bank Statement program - a mortgage loan program that uses total deposits showing on bank statements as proof of income.
No equity loans - a loan securing real estate as collateral for more money than the current value of the property.
Home Improvement Loans - We will loan up to 90% of the "Subject To" Value.
Manufactured home - a home built on steel undercarriage with the wheel assembly necessary to transport the structure to a permanent site. The wheel assembly must be removed and affixed permanently onto the foundation. Width of 24 feet
Modular Homes - Factory built and constructed in two or 3 sections including interior, exterior finish, plumbing, wiring and mechanical systems. Upon completion the home is transported to the property site to be joined together on a permanent foundation taking on all the characteristics of a "site built" single family home.
Construction loan - a custom made home built to your specifications on an empty lot.
Lines of credit - a revolving credit line similar to a credit card using real estate as collateral
Lease option conversion loan - a legal agreement with a private party stating the rental terms with the option to buy the property at an agreed purchase price.
Land contract conversion loan - a legal agreement with a private party stating purchase terms and conditions.
Purchase - a financing provided for the acquisition of real estate.
Bi-weekly payments - or - Bi-monthly payment plans - the process of making your mortgage payments every two weeks instead of every month. A biweekly loan pays off earlier than a monthly amortized loan.
Chapter 13 Buyout - a mortgage loan program paying off an existing Chapter 13 Bankruptcy.
Blanket Loan - one loan securing more than one real estate property as collateral.
Subject-to-Loan - mortgage loan securing real estate with incomplete home improvements or repairs.
Bridge Loan - a purchase transaction allowing the seller to buy a new home using the proceeds from the sale of the existing home without having a purchase agreement in process, with the expectations of having one soon.
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