NAR
Narrative appraisal report - brief form
Narrative appraisal report - full form
National Association of REALTORS®, NAR
National Flood Insurance Program
National Savings and Loan League
Natural person
Natural vacancy rate
Necessaries
Negative amortization
Negative cash flow
Negative easement
Negative fraud
Negotiable
Negotiable instrument
Negotiation
Neighborhood
Neighborhood shopping center
Net income
Net income multiplier
Net lease
Net listing
Net operating income, NOI
Net profit
Net spendable income
Net worth
Neutral depository
New England colonial
New England farmhouse
New town
Nominal interest rate
Nominal tax
Non-institutional lender
Nonbearing wall
Noncompete clause
Noncompetition clause
Nonconforming loan
Nonconforming use
Nonhomogeneity
Nonrecourse
Nonresident
Nonresidential
Nonzoning
Normal wear and tear
Notary public
Note
Note rate
Notice
Notice of cessation
Notice of completion
Notice of default
Notice of intention to sell
Notice of nonresponsibility
Notice of trustee's sale
Notice to quit
Notorious possession
Novation
Nuisance
Null and void
Nuncupative will
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You chose: Nonconforming loan
A loan that does not meet the standards of, or is too large to be purchased by, FNMA or FHLMC and where the interest rate is at least ˝ a percentage point higher than a conforming loan.
Example: Nicholas's monthly income is $10,000; he wants to buy a house that would require monthly principal and interest Payments of $4,000 which is a 40% ratio of his income. Currently, FNMA/FHLMC requires that the house payment be not more than 28% of monthly income. Private lenders, who examined Nicholas's circumstances and the appraisal in detail, are willing to make the loan. Because it is considered a higher-risk and less liquid investment (it cannot be sold to FNMA or FHLMC) than an FNMA/FHLMC conforming loan, a nonconforming loan is obtained. It requires a higher interest rate and/oI more discount points.
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