Nolo’s Plain-English Law Dictionary. Gerald N. Hill, Kathleen Thompson Hill. 2009.
Conforming loan — In the United States, a conforming loan is a mortgage loan that conforms to GSE guidelines.[1] In general, any loan which does not meet guidelines is a non conforming loan. A loan which does not meet guidelines specifically because the loan… … Wikipedia
Conforming Loan — A mortgage that is equal to or less than the dollar amount established by the conforming loan limit set by Fannie Mae and Freddie Mac s Federal regulator, The Office of Federal Housing Enterprise Oversight (OFHEO) and meets the funding criteria… … Investment dictionary
Conforming Loan Limit — The limit on the size of a mortgage which Fannie Mae and Freddie Mac will purchase and/or guarantee. The conforming loan limit is set annually by Fannie Mae’s and Freddie Mac’s federal regulator, The Office of Federal Housing… … Investment dictionary
Non-conforming loan — A non conforming loan is a loan that fails to meet bank criteria for funding. Reasons include the loan amount is higher than the conforming loan limit (for mortgage loans), lack of sufficient credit, the unorthodox nature of the use of funds, or… … Wikipedia
conforming — adjective Of or pertaining to conformity. Hes trying to get a conforming loan … Wiktionary
Loan modification in the United States — Loan modification, the systematic alteration of contactual mortgage loan agreements, has been practiced in the United States since the 1930s. During the Great Depression loan modification programs took place at the state level in an effort to… … Wikipedia
Loan-to-value ratio — The loan to value (LTV) ratio expresses the amount of a first mortgage lien as a percentage of the total appraised value of real property. For instance, if a borrower borrows $130,000 to purchase a house worth $150,000, the LTV ratio is… … Wikipedia
Loan to value — The loan to value (LTV) ratio expresses the amount of a first mortgage lien as a percentage of the total appraised value of real property. For instance, if a borrower wants $130,000 to purchase a house worth $150,000, the LTV ratio is… … Wikipedia
conforming mortgage — A residential mortgage loan that meets all FNMA or FHLMC standards. Mortgages may conform to agency requirements regardless of whether they are sold or retained by the originator. Even though a conforming mortgage may not be sold to FNMA or FHLMC … Financial and business terms
Hard money loan — A hard money loan is a specific type of asset based loan financing in which a borrower receives funds secured by the value of a parcel of real estate. Hard money loans are typically issued at much higher interest rates than conventional… … Wikipedia
