During the VA loan process, lenders require veterans to show proof they’ve met the minimum service requirement to qualify for a VA loan.
A price drop counts as any reduction in the asking amount listed for sale on a property. This value counts how many listings dropped their price in San Diego during a given time period.
A rent back agreement allows a seller to stay in the home until a specified date past closing. After settlement, the seller pays rent to the buyer, who now owns the home. The sellers are now renters and tenants of the home, with a security deposit being held in case of any damages.
The share of pending sales that went contingent within two weeks of their listing date.
PITI is an acronym that stands for principal, interest, taxes and insurance. Many lenders will estimate PITI as they are deciding whether a borrower qualifies for a mortgage. PITI stands for principal, interest, taxes, and insurance, and refers to the sum of each of these charges, typically quoted on a monthly basis.
A certificate of reasonable value (CRV) is issued by the Department of Veterans Affairs and is required for veterans to receive a VA loan. It establishes the maximum value of the property and therefore the maximum size of the loan.
This is a mortgage contract provision requiring the borrower to repay all of their outstanding home loan to the Lender if certain requirements, outlined by the Lender, aren’t met.
Under contract simply means that a seller has accepted an offer on the property, but the sale is not final until all contingencies are met. A home is “under contract” when a seller has accepted an offer from a buyer but the transaction has not yet closed.
A planned unit development (PUD) is a housing community made up of single family residences, townhomes, and condominiums — as well as commercial units. PUDs offer many common areas owned by the HOA and amenities beyond what normal apartment buildings or townhomes offer, including tennis courts and outdoor playgrounds.
A cash-out refinance, also known as a cash-out refi, is when a homeowner refinances their mortgage for more than it’s worth and withdraws the difference in cash. To be eligible for this kind financing, a borrower usually needs at least 20% in equity.
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