A mortgage loan up to a maximum of 75% of the lending value of the property. Mortgage loan insurance is not required for this type of mortgage. Covenant A clause in a legal document which, in the case of a mortgage, gives the parties to the mortgage a right or an obligation. For example, a covenant can impose the obligation on a borrower to make mortgage payments in certain amounts on certain dates. A mortgage document consists of covenants agreed to by the borrower and the lender.
A mortgage loan up to a maximum of 75% of the lending value of the property for which a lender does not require mortgage loan insurance.
Refers to home loans other than government loans (VA and FHA).
Any mortgage loan not guaranteed or insured by the government (typically through FHA or VA programs).
A mortgage that does not exceed 75% of the appraised value or purchase price of the property, whichever is less. Mortgage loan insurance is not required for this type of mortgage.
A mortgage loan granted by a bank or thrift institution collateralized solely by real estate and not insured or guaranteed by a government agency.
A private sector mortgage loan that is not insured or guaranteed by the federal government.