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Nontraditional Mortgage Products

Nontraditional Mortgage Products

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Published by Jackie Lang
ch 8
ch 8

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Categories:Types, School Work
Published by: Jackie Lang on Dec 01, 2009
Copyright:Attribution Non-commercial

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07/24/2014

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1
Chapter 8
NontraditionalMortgage Products
Mortgage Lending P&P 3
rd
Edition/Updated Nov. 6, 2009
 
Chapter 8: Nontraditional Mortgage Products
2
Overview
Nontraditional is defined by SAFE Act as anythingother than a 30-year fixed rate mortgageFinancing options for buyers who require assistanceHelp buyers achieve goals: –Qualifying for a loan –Getting a lower interest rate –Buying a bigger house –Or having a lower monthly payment.Most popular financing tools:
 –Buydowns (discounts) –ARMs
Mortgage Lending P&P 3
rd
Edition/Updated Nov. 6, 2009
 
Chapter 8: Nontraditional Mortgage Products
3
Overview
Other financing products include: –Subprime loans –Structured mortgages –Homebuyer assistance programs –Seller financing (including land contracts)Other resourceful programs: –Lease/options –Lease/purchases –Equity exchanges –Participation plans
Mortgage Lending P&P 3
rd
Edition/Updated Nov. 6, 2009

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