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Zoning Ordinances

Zero Point Option


Wraparound Mortgage

Warranty Deed


Veteran’s Administration (VA)

Verification of Employment (VOE)

Verification of Deposit (VOD)

Uniform Settlement Statement

The acts of an authorized local government establishing building codes, and setting forth regulations for property land usage.

An option which allows the borrower to opt to pay a slightly higher loan interest rate in lieu of paying the loan origination points generally charged for the particular loan product.

The ratio of investment income to the total amount invested over a given period of time; also known as “return on investment” or ROI.

A junior mortgage taken back by the seller for the amount of the property’s purchase price less the buyer’s down payment. The existing loan is retained and combined with a new, larger loan and the interest rate is set somewhere between the old rate and the current market rate. A typical wraparound is an interest-only loan with a 5-year balloon or less.

A document protecting a homebuyer against any and all claims to the property.

An inspection of a property by the prospective buyer prior to closing on a mortgage.

The federal agency responsible for the VA loan guarantee program as well as other services for eligible veterans. In general, qualified veterans can apply for home loans with no down payment and a mortgage insurance premium of 1 percent of the loan amount.

A document signed by borrower’s employer verifying his or her position and salary.

A document signed by the borrower’s financial institution verifying the status and balance of his or her financial accounts.

A standard document prescribed by the Real Estate Settlement Procedures Act disclosing all costs paid in connection with the settlement of a Real Estate transaction. Also called a HUD-1.

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