Real Estate Term of the Day: Conventional Loan CONVENTIONAL LOAN – a private mortgage loan not guaranteed but the VA or insured by the FHA (Barron’s Dictionary of Real Estate Terms) Conventional loans generally require a higher down payment of at least 5% while FHA requires only 3.5% and VA doesn’t require a down payment … More Real Estate Term of the Day: Conventional Loan
Real Estate Term of the Day: Contract for Purchase CONTRACT FOR PURCHASE – an agreement between competent parties to do or not to do certain things for a consideration (Barron’s Dictionary of Real Estate Terms) Also known as a: contract, contract of sale, agreement of sale, purchase contract, purchase agreement The contract for purchase will … More Real Estate Term of the Day: Contract for Purchase
Real Estate Term of the Day: Conforming Loan & Non-Conforming Loan CONFORMING LOAN – a mortgage loan that is eligible for purchase by the FNMA (Federal National Mortgage Association commonly known as Fannie Mae) or the FHLMC (Federal Home Loan Mortgage Corporation commonly known as Freddie Mac)(Barron’s Dictionary of Real Estate Terms) NON-CONFORMING LOAN – … More Real Estate Term of the Day: Conforming Loan & Non-Conforming Loan
Real Estate Term of the Day: Condominium CONDOMINIUM – a system of ownership of individual units in a multi-unit structure, combined with join ownership of commonly used property (sidewalks, hallways, stairs, and other COMMON AREAS) (Barron’s Dictionary of Real Estate Terms) A condominium complex can offer a more affordable housing opportunity in highly dense areas … More Real Estate Term of the Day: Condominium
LESLIE MONACO REAL ESTATE 