RE Financing Ch.8 Qualifying the Buyer Quick Key Terms

  1. Underwriting
    evaluating loan application
  2. Underwriter
    evaluates loan applications
  3. Qualifying Standards
    rules underwriter applies
  4. Automated Underwriting (AU)
    underwriting software
  5. Automated underwriting system (AU)
    underwriting computer program
  6. Stable Monthly income
    gross monthly income; quality and durability
  7. Income ratio
    sufficient income test
  8. Debt to income ratio
    max percent housing expense and debt
  9. Housing expense to income ratio
    max percent of housing expense
  10. Cosigner
    co-borrower
  11. net worth
    assets minus liabilities
  12. asset
    anything of value
  13. Net equity
    market value of property minus liens and selling expenses
  14. gift funds
    money given to the buyer
  15. gift letter
    document of down gift funds
  16. credit report
    credit history
  17. credit score
    figure used to evaluate credit
  18. reserves
    liquid assests for financial emergency
Author
Blue2xa88
ID
321548
Card Set
RE Financing Ch.8 Qualifying the Buyer Quick Key Terms
Description
qualifying the buyer key terms
Updated