Subprime Mortgage or Bad Credit Borrowers - Credit Grade and Acronyms

Credit Grade and Acronyms for Subprime Mortgage
Bad Credit Mortgages

To help better understand the subprime or nonprime world, you have to understand the importance of credit score and some of the terms that lenders and mortgage brokers such as ERATE use.

Credit Grade

Grade:	Mortgage Lates:
A	0 x 30
A -	1 x 30
B	1 x 60
C	2 x 60 or 1 x 90
D	2 x 90 (

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Bankruptcies:
Chapter 7 - clear all debts without obligation to repay
Chapter 13 - repay full or partial amount of debts to creditors
Chapter 12 - similar to Chapter 13 but for family farmers
Chapter 11 - individuals with big debts or businesses that want to reorganize

Acronyms:
NINA - no income no asset
NIV - no income verification
LIV - limited income verification

NOD - notice of default
BK - Bankruptcy
BK7 - Bankruptcy Chapter 7
BK13 - Bankruptcy Chapter 13

W/E - wage earner
S/E - self employed

VOM - verification of mortgage
VOR - verification of rent
VOE - verification of employment
VOD - verification of deposit
VOL - verification of loan

DTI - debt to income
LTV - loan to value
CLTV/TLTV - combined loan to value/total loan to value