There is a general understanding about many terms used in our industry.
However, there are some terms which people define in different ways,
or which have different usage in different parts of the country.
For instance, "125% Seconds" is very specific and clear. "Hard Money", on
the other hand, tends to be used in various ways.
In order to create a meaningful database to allow you to search for lenders,
we have had to create definitions that we thought best represented what we
wanted to accomplish with the search.
- "A- to D" Lenders is a general category used to denote non-conforming credit lenders. These lenders tend to offer programs for various credit grades, LTV's, and properties not available from A paper lenders.
- "Alt A" loan product just misses FNMA/FHLMC Guidelines due to one or more of the following; Higher debt ratios, High LTV on Refi (above 80%) with or without cash (above 90%), Credit Scoring, or other factors.
- Manufactured Home (Land): The borrower owns the land and the manufactured home is on a foundation.
- Manufactured Home (Park): The borrower owns or is purchasing the
Manufactured Home to be maintained in a "Park" or "Community" where the
borrower "Rents" space.
- Non-Owner Investment 5 plus properties: Borrower is seeking funding on additional "Non Owner Occupied" properties. Borrower has liens on (5) properties and seeks another lender.
- Hard Money: Borrower has a property with low LTV or no lien and seeks "quick" cash using property as collateral. In most cases the lender will
lend up to 70% LTV and will have first lien position.
- Equity Loans: In most cases this is a Second Mortgage. The Borrower is requesting a Second or Third mortgage for cash. Lines of Credit could also be listed as a Equity Loan (also see HELOC category for Home Equity Line of Credit submissions).
- No Seasoning: Borrower seeks to refinance their current mortgage which was either purchased or refinanced less than 12 months ago.
For a glossary of mortgage terminology,
click here.
Return to LION Loan~Link.
