A short term interim loan for financing the cost of construction. The lender advances funds to the builder at periodic intervals as the work progresses.
A mortgage securing a loan made by private investors without governmental participation (not F.H.A. insured or V.A. guaranteed).
|Gross Monthly Income|
The total monthly income earned before taxes and any other deductions.
|V.A. Mortgage Funding Fee|
A premium assed to the VA borrower in lieu of mortgage insurance. First time VA borrowers have a 3% funding fee included in their loan. When the VA borrower sells their home and uses their VA rights on a new home, the funding fee is 2%. VA borrowers refinancing their home, have a half percent funding fee in their mortgage. Disabled Veterans are not burdened with the funding fee.