Mortgage program
Definition
A bundle of mortgage characteristics that lenders see fit to distinguish as a distinct instrument. These include whether it is an FRM, ARM, or Balloon; the term; the initial rate period on an ARM; whether it is FHA-insured or VA-guaranteed; and if is not FHA or VA, whether it is "conforming" (eligible for purchase by Fannie Mae or Freddie Mac) or "non-conforming".
Related Terms Other terms related to 'Mortgage program' starting with the letter 'M' Mortgage referrals, Maximum loan to value ratio, Mortgage insurance premium, Market niche, Mortgage Browse by Letter » 1 4 A B C D E F G H I J L M N O P Q R S T U V W Y | 