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Contents of the HMDA data collection for 2017 [20] and prior: The date of application; The loan type (conventional loan, FHA loan, VA loan or a loan guaranteed by the Farmers Home Administration) The type of property involved (single-family, multifamily) The purpose of the loan (home purchase, home improvement, refinancing)
Other non-conforming loan types. Hard money loans: A hard money loan is a non-conforming loan providing a borrower with short-term funding. Real estate investors often seek them out because they ...
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 the collateral backing it.
Private money is the main source of no doc loans, often with interest rates charged at 2% to 6% per month (24% to 72% p.a.). Non-conforming lenders focus on the lower risk no doc loans and offer more competitive interest rates.
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Recourse debt or recourse loan is a debt that is backed by both collateral from the debtor, and by personal liability of the debtor. [2] This type of debt allows the lender to collect from the debtor and the debtor's assets in the case of default, in addition to foreclosing on a particular property or asset as with a home loan or auto loan.
A non-conforming mortgage is a term in the United States for a residential mortgage that does not conform to the loan purchasing guidelines set by the Federal National Mortgage Association /Federal Home Loan Mortgage Corporation (Fannie Mae and Freddie Mac). Mortgages which are non-conforming because they have a dollar amount over the ...
It was described as a no income, no job, [and] no assets loan because the only thing an applicant had to show was his/her credit rating, which was presumed to reflect willingness and ability to pay. The term was popularized by Charles R. Morris in his 2008 book The Two Trillion Dollar Meltdown , though the acronym had been publicly used by some ...