Conventional financing is a type of mortgage loan that is not backed by the government. Instead, it is offered by private lenders.

Eligibility

• Applicants must have a minimum credit score of around 620

• Applicants must have a debt-to-income (DTI) ratio of 45% or less

• Applicants must provide proof of employment and income

Types of conventional loans

• Conforming loans: These loans have a loan amount of $766,550 or less in most counties

• Non-conforming loans: These loans are less standardized and may be available to borrowers with lower credit scores

• Subprime loans: These loans are offered to borrowers with lower credit scores, typically below 600

Down payments

• Some conventional loans allow down payments as low as 3% of the purchase price

• If the down payment is less than 20%, the borrower will need to pay Private Mortgage Insurance (PMI) for a period of time

Interest rates

• Interest rates change daily and depend on current market conditions and the borrower’s qualifying factors

• Borrowers with higher credit scores may qualify for lower rates

VA Loans

The main purpose of the VA home loan program is to help veterans finance the purchase of homes with favorable loan terms and at a rate of interest which is usually lower than the rate charged on other types of mortgage loans.

FHA loans are mortgages intended for certain borrowers who might find it difficult to obtain loans otherwise. The federal government insures FHA loans, which are issued by private lenders, such as banks. FHA borrowers must pay two types of mortgage insurance premiums (MIPs)—one upfront and the other monthly.

VA-guaranteed financing is a program that helps veterans and eligible spouses purchase homes by guaranteeing a portion of their loan. The program is administered by the Veterans Benefits Administration (VA).

How it works

• A private lender, like a bank or mortgage company, makes the loan.

• The VA guarantees a portion of the loan if it’s approved.

• The guaranty protects the lender from loss if the borrower can’t repay the loan.

• The lender is more likely to offer better terms because there’s less risk.

Eligibility

• Eligibility is based on length and time of service.

• The VA issues a Certificate of Eligibility to confirm eligibility.

• Veterans must meet minimum standards for credit, repayment ability, income, and debt-to-income ratio.

Benefits

• VA-guaranteed loans can help remove financial barriers to home ownership.

• Nearly 90% of VA-backed home loans don’t require a down payment.

Applying for a VA-guaranteed loan

• You can apply for a VA-guaranteed loan by:Applying to a private lender
  Filling out VA Form 26-1880, “Request for Certificate of Eligibility”
  Applying online using eBenefits at www.ebenefits.va.gov

The USDA guarantees mortgages issued by a participating local lender, similar to VA and FHA loans. This is a 90% guarantee and allows eligible buyers to get low mortgage interest rates without a down payment. However, you will need to pay a mortgage insurance premium if you do not put money 20%.

• Plaintiff: The party who initiates a lawsuit by filing a complaint with the court. In civil law, this is the person or entity seeking a legal remedy.

• Defendant: The party against whom the complaint is filed in a legal action. This is the person or entity accused or sued in a civil or criminal case.

• Lived up back rent: This isn’t a standard legal term, but it might be intended to mean “back rent” or “arrears.” It refers to rent that is owed but not yet paid by a tenant.

• Military affidavit: A sworn statement used to prove or disprove a party’s military status in legal proceedings, often used in landlord-tenant cases to invoke protections under the Servicemembers Civil Relief Act (SCRA).

• Military status: Refers to whether an individual is currently serving in the military, which can affect legal rights and obligations, particularly in eviction or debt collection proceedings.

• Eviction petition: A formal legal document filed by a landlord in court to begin eviction proceedings against a tenant for violations like non-payment of rent or lease breaches.

• 3-day notice to vacate: A notice given by a landlord to a tenant, typically for non-payment of rent, giving the tenant three days to pay the rent or move out, or else face eviction proceedings.

• Writ of possession: A court order that authorizes a law enforcement officer to evict a tenant and give possession of the property back to the landlord.

• Possession: In the context of real property, it refers to the control or occupancy of property. In eviction cases, it’s about who legally has the right to occupy the property.

• Abstract of judgment: A document that summarizes the key points of a court’s judgment. It’s often recorded to create a public record of the judgment, which can affect credit ratings or property rights.

• Appeal: A legal process by which a case is reviewed by a higher court to determine if there were legal errors in the trial court’s decision or proceedings.

• Justice of the Peace: A judicial officer with limited legal authority, typically handling minor cases like small claims, traffic violations, or initial hearings in criminal cases. Their role can vary by jurisdiction, but they often have duties in civil matters like landlord-tenant disputes.

1. Precinct:
   A precinct is a district within a city or county, often used for administrative or electoral purposes. In the context of law enforcement, it refers to a police station or the area it serves. In voting, it’s the smallest geographic unit for organizing and managing elections.

2. Popper’s Oath (assuming you meant “Popper’s oath” as in Karl Popper):
   There isn’t a specific “Popper’s oath,” but Karl Popper, a philosopher of science, is known for his philosophy on falsifiability. If you’re referring to something else, please clarify.

3. Monetary Relief:
   Monetary relief refers to a legal remedy where one party is awarded a sum of money to compensate for losses or damages. This includes payments for damages, fines, or restitution.

4. Non-Monetary Relief:
   Non-monetary relief involves court orders that do not involve payment of money. This can include injunctions (orders to do or refrain from doing something), specific performance (requiring a party to fulfill a part of a contract), or declaratory judgments (determining rights without ordering anything to be done).

5. Constable:
   A constable is a law enforcement officer, typically found in rural areas or small towns. Historically, constables have been peace officers with duties that include serving legal papers, maintaining order, and sometimes acting in judicial roles.

6. Landlord:
   A landlord is an individual or entity that owns a property and rents it out to tenants. The landlord is responsible for the maintenance of the property and has the right to charge rent and enforce the terms of the lease.

7. Property Owner:
   A property owner is someone who legally holds title to real estate, whether it’s land, a building, or both. This ownership gives them certain rights, like the ability to use, sell, lease, or bequeath the property.

8. Property Manager:
   A property manager is hired by a property owner to manage daily operations of the property. This can include tenant relations, maintenance, rent collection, and ensuring the property complies with local laws and regulations.

9. Representative:
   This term can have several meanings depending on context:
   In politics, a representative is an elected member of a legislative body, like the U.S. House of Representatives, who acts on behalf of the constituents of a particular area.
   In a broader sense, it can refer to anyone who acts or speaks on behalf of another person or group.