real estate finance - full book (500 pgs)

6 3 purchase

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Unformatted text preview: ....... 6-2 Loan Characteristics ............................................................................................ 6-3 Purchase Money Loans ....................................................................................... 6-4 Equity Based Loans............................................................................................. 6-5 1-4 Licensing School for Appraisal, CPA, Contractors, Insurance, Real Estate, Notary, Nurse, Food Handlers, Tax and Securities TABLE OF CONTENTS Loans in Excess of Equity (125% Mortgages) ..................................................... 6-5 Characteristics of Hard Money Loans.................................................................. 6-6 Loan File Recordkeeping ..................................................................................... 6-8 CONVENTIONAL LOANS...................................................................................... 6-10 Advantages of Conventional Loans ................................................................... 6-11 Disadvantages of Conventional Loans .............................................................. 6-12 Sources of Conventional Loans ......................................................................... 6-13 BUY–DOWN MORTGAGE .................................................................................... 6-13 Buy–Down Period .............................................................................................. 6-14 Buy–Down Interest Rate.................................................................................... 6-14 LOW DOWN PAYMENT CONVENTIONAL LOANS .............................................. 6-17 PRIVATE MORTGAGE INSURANCE.................................................................... 6-18 PMI Coverage.................................................................................................... 6-18 PMI Premiums ........................................................................................
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