| Acronyms | MD Purchase Contract | Credit | Loan Programs | Random |
|---|---|---|---|---|
|
What is Debt to income
DTI
|
What is Credit from the seller applied towards closing costs.
seller credit
|
Amount of credit used
What is utilization percentage?
|
mortgage loan for only veterans, or active duty that have full eligibility.
What is a VA loan
|
NMLS license
What is the license required by an LO?
|
|
What is Loan to value
LTV
|
What is The seller
Who pays realtors commissions?
|
Credit card , Auto loan
What is an example of revolving credit? And Installment ?
|
0% down
What is minimum required down payment on VA loans?
|
MMP/CDA
What is one down payment assistance program?
|
|
What is combined loan to value
CLTV
|
What is MD State transfer tax
What is MD first-time homebuyer exempt from?
|
20%-30%
What is an ideal utilization rate on revolving credit to help improve credit score?
|
3%-3.5%
What is minimum required down payment for FTHB on CONV/FHA?
|
reserves, job stability, housing payment
What is an example of compensating factors?
|
|
What is automated underwriting system
AUS
|
3%
What is max allowed % of seller credit on Conventional?
|
700 or higher
What is an ideal credit score for Conventional loans
|
0% down loan on approved rural housing areas.
What is a USDA loan?
|
Secure your interest rate.
What is rate lock?
|
|
What is approve eligible
A/E
|
6%
What is max allowed % of seller credit on FHA?
|
580-619 with restrictions
What is minimum score needed for FHA loan
|
Gifts from family, check, deposit slip, proof of funds.
What is gifts towards a loan transaction and how does it need to be documented?
|
pre-qual, no docs no credit. Pre-approval- credit and documentation provided.
What is the difference between pre-qual and pre-approval?
|
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