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Hold a government-back mortgage: In addition to FHA-backed loans, mortgages backed by the U.S. Department of Agriculture’s (USDA) or the Department of Veterans Affairs (VA) also qualify.
No doc loans were popular in the early 2000s, but were largely phased out following the subprime mortgage crisis. Low-doc loans carry a higher interest rate and were theoretically available only to borrowers with excellent credit and additional income that may be hard to document (e.g. self-employment income). As of July 2010, no-doc loans were ...
Truth in Lending Act; Long title: An Act to safeguard the consumer in connection with the utilization of credit by requiring full disclosure of the terms and conditions of finance charges in credit transactions or in offers to extend credit; by restricting the garnishment of wages; and by creating the National Commission on Consumer Finance to study and make recommendations on the need for ...
In 1970, the federal government authorized Fannie Mae to purchase conventional loans, i.e. those not insured by the FHA, VA, or FmHA, and created the Federal Home Loan Mortgage Corporation (FHLMC), colloquially known as Freddie Mac, to compete with Fannie Mae and thus facilitate a more robust and efficient secondary mortgage market. [16]
Credit bureaus compile information about how you’ve handled debt in the past, which is reported by credit card companies and other lenders (like student loan and mortgage providers), and then a ...
No-credit-check installment loans. With no-credit-check installment loans, you borrow a lump sum of money and repay it over time through fixed monthly payments. They usually come with larger ...
Mortgage discrimination or mortgage lending discrimination is the practice of banks, governments or other lending institutions denying loans to one or more groups of people primarily on the basis of race, ethnic origin, sex or religion.
Fannie Mae, officially the Federal National Mortgage Association (FNMA), is a government-sponsored enterprise that maintains liquidity in the mortgage market by buying loans from banks and ...
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