First-Time Home Buyers are individuals or households entering the real estate market to purchase a home for the first time or after an extended period of renting. Various programs and incentives often exist to assist these buyers, particularly those who meet specific criteria such as income limits.
The smallest cash contribution required to obtain a loan, usually expressed as a percentage of the loan amount.
A silent second mortgage is a secondary loan placed on an asset without the knowledge of the primary lender. This practice is common in charitable organizations for down payment assistance or fraudulently to procure higher loan values.
