|
Community Home Buyer's Program:
An alternative financing option that allows households of modest means to qualify for mortgages using nontraditional credit histories, 33 percent housing-to-income and 38 percent debt-to-income ratios, and the waiver of the usual two payments cash reserves at closing.
Community Home Improvement Mortgage Loan:
An alternative financing option that allows low-and moderate-income home buyers to obtain 95 percent financing for the purchase and improvement of a home in need of modest repairs.
Community Land Trust Mortgage Loan:
An alternative financing option that enables low- and moderate-income home buyers to purchase housing that has been improved by a non-profit Community Land Trust, and to lease the land on which the property stands.
Condominium:
A form of property ownership in which the homeowner holds title to an individual dwelling unity plus an interest in common areas of a multi-unit project.
Contingency:
A condition that must be met before a contract is legally binding.
Conventional mortgage:
Any mortgage that is not insured or guaranteed by the federal government.
Convertible ARM:
An adjustable-rate mortgage that can be converted to a fixed-rate mortgage under specified conditions.
Cooperative:
A form of common property ownership in which the residents of an apartment building do not own their own units, but rather own shares in the corporation that owns the property.
|
Afiliados 
