Mortgage 101

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Zero Down 80/20 mortgage loan is tailor made for those individuals that are lacking in terms of down payment. Zero Down 80/20 mortgage can be termed as two loans for 100 per cent of the buying price.

In this loan, first mortgage happens at 80 per cent of the buying price while second mortgage occurs with a 20 per cent buying price.

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Stated income mortgage loan, commonly known as no doc mortgage loan gives individuals with low income or bad credit record an opportunity to buy a home.

The loan application of people with bad credit record and low monthly income is normally not been approved by the lenders, as they treat them as a risk.

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Jumbo Loans

These are mortgage loans which are issued beyond the conforming limits set by the Federal Housing Enterprise. They are not normally purchased, guaranteed or securitized by institutions like Freddie Mac and Fannies Mae.

Because they are beyond the said limits they are listed on a high risk basis, which yields higher returns. However, currently the spread between jumbo loans and conventional mortgage loans have reduced.