Loan-to-Value (LTV) Ratio: The ratio of the principal balance of a mortgage loan to the value of the securing property, as determined by the purchase price or Appraised Value, whichever is less. Loan Commitment : A loan commitment letter (also known as loan approval) issued by the Office of Loan Programs (OLP) committing to the funding of a Program loan for a specific borrower and property. A loan commitment letter will only be issued after OLPs satisfactory review of all property documentation (i.
purchase contract, property appraisal, inspections, etc. ) and will state the approved loan amount, initial interest rate and loan term. The letter will also require that certain conditions are met prior to loan funding. The initial interest rate specified will be the Program airtel money loan apps in effect cash loans east london south africa the time a loan commitment is issued.
A loan commitment expires within 60 days of date issued. Loan Denial letter : A letter from the Office of Loan Programs denying a loan to a specific individual.
The reasons for denial may include credit history, lack of verifiable liquid assets, inadequate income, etc.
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Government-insured mortgage. This is a mortgage that is backed by the government, such as Federal Housing Administration (FHA), the U. Department of Veterans Affairs (VA), or the U. Department of Agriculture (USDA). A government-backed loan might come with a fixed rate or an adjustable rate, and typically requires a smaller downpayment than a non-government issues loan. Conforming mortgage.
A conforming mortgage is one that falls within loan limits set by the FHA. These limits vary by real estate market. Expensive real estate markets like Los Angeles and San Francisco have higher loan limits.
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