Tools
Glossary
The words this program uses, in plain language.
- 0x30
- Zero payments 30 or more days late. The mortgage history standard for this program.
- Assumption
- Taking over the existing FHA loan from the agency. It is one of the three ways to take legal title.
- Correspondent
- A lender approved by Arrive Home to originate loans for this program. Lenders must be approved before they can participate.
- Earned Equity Program (EEP)
- A purchase transaction where a governmental entity buys a home the buyer selected, and then the buyer signs a homeownership agreement to live in, control, and eventually finance that home.
- Equitable interest
- The right the agreement gives you to use and control the home like an owner would, before your name is on the deed.
- Homebuyer Cost Disclosure (CCD)
- The disclosure the buyer receives, created by Arrive Home. The correspondent can never hand you a CCD that did not come from Arrive Home.
- ITIN
- Individual Taxpayer Identification Number. A tax ID for people who do not have a Social Security number. It is accepted in this program.
- LLPA
- Loan Level Price Adjustment. A pricing adjustment. High balance loans in this program always receive one.
- MIP
- Mortgage Insurance Premium. The insurance FHA charges on its loans. It is part of the monthly payment.
- RIKI Score
- Arrive Home's own report, scored 80 to 150. With the buyer's consent it may qualify them for program assistance.
- Seller financing agreement
- The contract between the agency and the buyer. It is not part of the FHA loan and is a separate relationship. Depending on the state it may be called a contract for deed or a lease option.
- Soft second
- A second lien that carries no payment and bears no interest. In this program it is 1% of the loan and is forgiven after 10 years.
- TRHEEA
- Tule River Homebuyer Earned Equity Agency. The tribal government entity that buys the home with FHA financing and holds title until the buyer takes it.
- VOR
- Verification of Rent. The form a landlord completes to document your housing payment history.
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