An 80-10-10 mortgage is a piggyback mortgage where the first mortgage covers 80% of the home's value, the second mortgage covers 10%, and the remaining 10% is a cash down payment. This structure helps homeowners avoid mortgage insurance.
A builder warranty is a guarantee provided by the developer or building contractor covering the quality and integrity of the construction. It assures homebuyers that the property will be free from significant structural defects within a specified period.
The FHA 203(K) program enables homebuyers to finance both the purchase of a house and the cost of its rehabilitation through a single mortgage loan.
A graduated-payment mortgage is a home loan characterized by low initial monthly payments that gradually increase over time according to a predetermined schedule.
Latent defects are hidden flaws in a property that are not apparent at the time of purchase or during an initial inspection but may reveal themselves later, often causing significant issues.
