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negative amortization When the amount that you owe on a loan increases despite regular monthly payments. net rental income The total annual earnings from a rental property. no income verification Some loan products require only that applicants state the source of their income without providing supporting documentation such as tax returns or pay stubs. |
These programs carry a higher rate due to increased risk to the investor. This is also known as "stated income."
non-conforming loan
Also called a jumbo loan. Conventional home mortgages not eligible for sale and delivery to either Fannie Mae (FNMA) or Freddie Mac (FHLMC) because of various reasons, including loan amount, loan characteristics or underwriting guidelines. Non-conforming loans usually incur a rate and origination fee premium. The current non-conforming loan limit is $275,000 and above.
non-institutional lender
Any non-traditional lender, which is usually not strictly regulated by state or federal agencies.
