Loan Types for Supported within Buy-side Transactions

The vast majority of the loans that ListReports tracks are conventional home loans. FHA and VA loans make up the other top contributors of this data, but we also track several other types. See below for our list of loan types and the explanation:

 

CNV

A conventional loan not backed by a government agency. We do not currently distinguish between “conforming” and “non-conforming” loans.

 

FHA

Federal Housing Administration loan insured by the FHA and issued by an FHA-approved lender.

 

VA

A loan through a program established by the U.S. Department of Veterans Affairs.

 

Loan Modification "Loan Mod"

Loan modification is a change made to the terms of an existing loan by a lender. It may involve a reduction in the interest rate, an extension of the length of time for repayment, a different type of loan, or any combination of the three.

 

New Construction Loan

A short-term loan that covers only the costs of custom home building. This is different from a mortgage and is considered specialty financing.

 

USDA

A zero-down payment mortgage for rural homebuyers. The USDA guarantees a mortgage issued by a participating local lender.

 

HELOC

A home equity line of credit.

 

Purchase Money / Seller-Financed

A loan given to the home buyer from the property seller.

 

Stand Alone 2nd Mortgage

An additional loan taken out against the property when a first mortgage already exists.

 

Future Advance Clause or Open-End Mortgage

A future advance clause is included in this type of mortgage which provides the additional flexibility of funds under the loan contract without requiring an additional loan.

 

ARM (Adjustable Rate Mortgage)

A home loan with a variable interest rate.

 

Land Contract

A form of seller financing where the seller holds the title while the buyer makes payments.

 

Reverse Mortgage (or HECM)

A special home loan allowing homeowners to borrow money using their home as security for the loan.

 

Balloon

A loan that has an initial period of low or no monthly payments, at the end of which the borrower is required to pay off the full balance.

 

Stand Alone 1st Mortgage

The primary lien on the property that secures the mortgage and has priority over all claims on a property in the event of a default.

 

Closed-end Mortgage

A type of mortgage that cannot be prepaid, renegotiated, or refinanced without additional breakage costs or other penalties to the lender.

 

Subordinate Soft 2nd Mortgage

A subordinate loan used to cover down payment and closing costs.

 

Other

We specify other when the loan type on file is extremely rare and does not fall into any of the other categories. This can also result from a loan record input error before being catalogued by our data providers.

 

Not recorded

This transaction either could not be found on the buy-side or there was no loan associated with it. The most common explanation for these occurrences are cash buyers.

 

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