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Forms of Financing

TermDefinition
FHA Loans Loans insured by the Federal Housing Act. It only insures loans made by approved lending institutions.
Appraisal Requirement Loan is based on the lowest of the purchase price or appraised value.
FHA Conditions Loan cannot be insured unless property is fixed up.
Mortgage Insurance Premium Paid as on time fee or monthly.
Assumption Available based on lenders approval of new buyer.
VA Financing Borrower must be a veteran and must obtain a certificate of eligibility. Vets administration guarantees th Elian to the lender.
Assumption VA VA loans are assumable by non-veterans with lenders approval. The vet can go purchase a second home under second entitlement..
Appraisal Requirements VA issue a CRV certificate of reasonable value. Fixed up free of any code violations.
GNMA Division of HUD. Low-yield loans such as FHA. Pass through certificate which are security interest in a pool of mortgage.
Freddie Mac Established to provide funding for federal savings and loans. Primarily conventional loans. Raises funds by purchasing pools or secured bonds.
Fannie Mae Is organized as a private corporation. Buys a block or pool of mortgage from lender in exchange for mortgage backed securities.
Regulation Z Requires lender to use APR that includes all interest, fees, discount points, pre payment charges. Loans estimate, 3after app, 3days before cons of loan.
Advertising Requirments Truth in advertising, all finance charges must be included in advertising.
Right to Rescind a Transaction When refinancing a property the owner may rescind the loan within 3 business days after the closing and receive refund of loan fees.
Pre Payment Penalty To discourage borrower from selling or refinancing to pay off loan , to compensate lender for loss of revenue.
Created by: Jgjg
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