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| Hard – To – Prove Income/Low Document Loans |
Drew Mortgage offers many types of Low Doc Programs for all types of borrowers and situations. We have programs where income could be stated, but not verified, programs where no ratios are calculated so the amount of debt you have does not matter, loans which we do not verify any income or assets and even some that allow no need to verify income, assets or employment.
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| Hazard Insurance |
Insurance protecting real property against loss caused by fire, some natural causes, vandalism, etc., depending upon the terms of the policy.
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| Holdback |
A portion of a mortgage loan held back by the lender from the customer until a contingency is met by the customer. An example of a contingency would be repairs needed for a property's roof. Upon completing the required repairs, the lender releases the held back funds to the borrower. See WITHHOLD
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| Home Equity Lines |
A Home Equity Line of Credit allows you a lower rate, which is tied to the Prime Lending Rate. This can adjust based on market conditions, but allows for interest only payments, which keeps your monthly payments lower. You get a checkbook, which you can draw up and down on to your available credit line for a specified period of time. You can re-use the credit over and over again as you pay the line up and down each month.
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| Home Mortgage Disclosure Act (HMDA) |
This act requires Drew Mortgage to report selected information to the Federal government about each application received . HUD (U.S. Department of Housing and Urban Development) uses HMDA to detect discrimination and identify trends in lending patterns.
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| Homeowner's Association (HOA) |
An association of people who own homes in a given area, formed for the purpose of improving or maintaining the quality of the area. Unpaid HOA dues can become a lien against a property.
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| Homeowner's Association Dues |
A monthly payment paid to the association for the maintenance and care of the common areas.
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| Homestead |
Status provided to a homeowner's principal residence by some state statutes; protects a home against judgments up to specified amounts.
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| HUD-1 (or HUD-1a) |
Final statement of the actual settlement costs of the loan and all other disbursements of a loan's proceeds. A Federal requirement under RESPA. See SETTLEMENT STATEMENT
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