+
Related Flashcards
Related Topics
Cards In This Set
| Front | Back |
|
Conventional mortgage loans are...
|
Fixed or adjustable, fully amortized loans.
|
|
Name the three main types of conventional loans.
|
Conforming, jumbo, and non-conforming.
|
|
Define a conforming loan.
|
A loan that meets the eligibility requirements of the GSEs, but do not necessarily have to be sold to them.
|
|
What is a GSE?
|
Government Sponsored Enterprise (FNMA and FreddieMac)
|
|
Describe the criteria for conforming loan eligibility.
|
Loan type, size, and LTV.
Credit quality
Income guidelines
Property type & standard
|
|
What are the current conforming loan limits?
|
Single family $417,000 or 125% of the area median home price-not to exceed 175% of $417,000 or $729,750.
|
|
Under what Act are current conforming loan limits set?
|
The Economic Stimulous Act
|
|
Define a Jumbo loan.
|
A loan larger than the applicable conforming loan limit.
|
|
Define non-conforming loans
|
Loans that do not meet GSE purchase guidelines.
|
|
What criteria can cause a loan to be non-conforming?
|
Income/asset documentation
Credit quality
Property type
LTV or CLTV
Source of down payment funds
Amortization type
|
|
List the types of asset documentation.
|
Full doc
NINA (No Income No Assets)
NIVA (No Income Verified Assets)
SISA (Stated Income Stated Assets)
SIVA (Stated Income Verified Assets)
|
