Escrow Payment

The part of a mortgagor’s monthly payment that is held by the loan servicer to pay for taxes, hazard insurance, mortgage insurance, and other expenses related to the loan.

Family Gift of Equity

The seller (family member of the buyer) will gift a portion or all of the equity of the house they are selling to the buyer. The gift can be used for both the down payment and the closing cost depending on the agreement between the seller and buyer who must be close relatives to qualify.

FHA

Federal Housing Administration

FHLMC (Freddie Mac)

The Federal Home Loan Mortgage Corporation

FICO Credit Score

FICO refers to the Fair Isaac & Co. credit score method. Credit scores are calculated by using models that assign points for various pieces of information which predict how likely someone is to pay their bills. The higher your FICO score, the more likely you will show good credit worthiness on your credit...

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