Mortgage Terms

/ November 8, 2010

Need a quick stop to a web location to get a defintion of mortgage terms, especially the type of mortgage programs that were once available (and clearly not available now!).

  • Mortgage Definitions link #1

    • and/or

  • Mortgage Definitions link #2

    • Hud specific

  • Mortgage Definitions HUD link #3

    • Common terms:
    Alt A
    Option Arm or NegAm
    Interest-Only Loans
    2/28 (also 3/27)
    80/20 & Multi Loan Packages
    100% & 100+ Financing
    40 or 50-year Purchase Loans
    SIVA (Stated Income Verified Assets)
    SISA (Stated Income Stated Assets)
    NINA (No Income No Assets)
    No-Doc (no employment verification)
    Liar Loans – any portion of the loan reqs to be stated
    NINJA Loans – No Income, No Job, No Assets

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