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The organization was originally created by Presidential Decree 1080 on January 31, 1977, [5] under the name Philippine Export and Foreign Loan Guarantee Corporation to provide guarantees and facilitate the entry of foreign loans for development projects. [6]
The funds for guaranteed mortgages come from private-sector lenders, but the loan is backed by a guarantor, typically a government agency, that will pay out money to the lender if the borrower ...
The Home Development Mutual Fund (HDMF), commonly known as the Pag-IBIG Fund (acronym of its Filipino name: Pagtutulungan sa Kinabukasan: Ikaw, Bangko, Industriya at Gobyerno [a]), is a government-owned and controlled corporation under the Department of Human Settlements and Urban Development of the Philippines responsible for the administration of the national savings program and affordable ...
FHA loans: Insured through the Federal Housing Administration, FHA loans have more lenient credit score and DTI ratio requirements than conventional mortgages. The minimum down payment is 3.5 percent.
The loans are made by private lenders with the caveat that the government will pay off the loans if the company defaults on them. Chrysler did not go into default. Another example was the creation of the Emergency Loan Guarantee Board to administer $250 million in US government loan guarantees made to private lenders on behalf of Lockheed in 1971.
Payday loansAlthough they’re easy to access if you have a low income and imperfect credit, payday loans should only be used as a last resort for a few reasons. For starters, the interest rates ...
"It required no documentation of a borrower's income or assets and gave loans to borrowers who debt-to-income levels were far higher - 50% - than what was required by other lenders." [14] During 2005 68% of “option ARM” loans originated by Countrywide and Washington Mutual had low- or no-documentation requirements. [15]
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