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| Abbreviations | 1003 -- standard application CLTV - combined loan to value (80/20, 80/10/10, etc. - 80% 1st mortgage, combined with a 2nd mortgage to get highest loan to value, while avoiding having to pay mortgage insurance) DTI - debt to income ratio hard PPP - penalty for either selling or refinancing, although some will waive it, if you refinance with them. i/o -- interest only LTV - loan to value MI - mortgage insurance NINA - no income/no assets (sometimes is used as no ratio) NOO - non-owner occupied (investment property) NORA - no ratio option ARM - provides several repayment options PMI - private mortgage insurance PPP -- prepayment penalty No RATIO - usually no income is stated, but some lenders don't want employer listed either? SIVA - stated income/verified assets SISA - stated income/stated assets (not verified, however) soft PPP - no penalty for selling, only for refinancing SE - self-employed SFR/SF - 1 unit (usually detached, but not always) 2-4 units - rates are usually higher and 4 units can be more difficult to find programs to finance. |
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Additional comments : A big thanks to towands 10 over at the Mortgage Forums for helping with some of these abbreviations. It all started with this thread entitled: AZ, SFR, OO, 200k, 66%ltv, c/o refi, 540 mid, W2'd stated |
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