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What is HomeReady or Home Possible?
Low down payment conventional programs.
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What is a piggyback loan?
Second mortgage used to avoid PMI.
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What is mortgage assumption?
Taking over an existing loan.
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What is reverse mortgage?
Allows seniors to access home equity.
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What is HELOC?
Home Equity Line of Credit.
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What is home equity loan?
Second mortgage with fixed payments.
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What is portfolio loan?
Loan kept by lender, not sold.
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What is shared appreciation loan?
Lender shares in future appreciation.
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What is temporary buydown?
Lower initial interest rate paid by seller or borrower.
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What is permanent rate buydown?
Paying points to lower rate for life of loan.
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