A turnkey property is a home that's fully updated and move-in ready, so the buyer can start living there right away without doing any repairs or renovations.
The Uniform Residential Loan Application, or the 1003 form, is the standard document that Fannie Mae and Freddie Mac require lenders to use to collect your financial and personal information when you apply for a mortgage.
The upfront mortgage insurance premium, or UFMIP, is a one-time fee of 1.75% of your base loan amount that all FHA borrowers pay at closing to protect the lender if you default on your mortgage.
A USDA construction loan is a government-backed mortgage that lets qualified borrowers buy land and build a new main home in a rural area that meets certain requirements. There is no down payment and only one closing.
A USDA loan is a government-backed mortgage from the U.S. Department of Agriculture that helps people who live in rural and suburban areas buy a home with no money down.
A USDA refinance replaces an old USDA-backed mortgage with a new USDA loan. This is usually done to get a lower interest rate, lower monthly payments, or change the loan term for homeowners in eligible rural and suburban areas.
A utility easement is a legal right that lets a utility company use a specific part of your private property to install, maintain, or repair infrastructure like power lines, water pipes, or sewer systems.
The U.S. Department of Veterans Affairs backs VA construction loans, which let eligible veterans and service members pay for the building of a new home, often with no down payment needed.
A VA guaranteed loan is a home loan that the U.S. Department of Veterans Affairs backs. It lets veterans, active-duty service members, and surviving spouses buy a home with no down payment and no private mortgage insurance.
A VA jumbo loan is a VA-backed mortgage that is higher than the conforming loan limit for the county where the property is located. This lets eligible veterans and service members buy more expensive homes.
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