Current Financing / Loan

Select all that apply.
Select the items that best describe the type of financing currently secured on the property.  Sellers should especially identify if Assumable, VA, and/or FHA loans are secured on the property.  This section applies to the type of loan financing currently secured on the property. If you currently do not have a loan, then select Free and Clear..
Assumable - These loans may be passed on from a seller of a home to the buyer. The buyer "assumes" all outstanding payments.
Adjustable - Adjustable-rate mortgages interest rate and monthly payment can change over the life of the loan. This is because the interest rate for an ARM is tied to an index (such as Treasury Securities) that may rise or fall over time.
VA - A program that allows most veterans to purchase a house without a down payment, offered by the U.S. Department of Veterans Affairs.
VHDA - A loan provided by he Virginia Housing Development Authority with more affordable terms than may be available through standard mortgage loans.
Free and Clear - You do not have any financing on your property.
CDA - Community Development Authority, State financing program using bonds.
Conventional - A loan offered by a traditional private lender. They may be fixed-rate, adjustable, hybrid or other types.
FHA - Mortgages that are insured by the Federal Housing Administration . This government agency operates a variety of home-loan programs.
Foreclosure / Pre-Foreclosure -In the process or currently in foreclosure. The legal process reserved by a lender to terminate the borrower's interest in a property after a loan has been defaulted.
FmHA - Farmers Home Administration, Provides financing to farmers and other qualified borrowers who are unable to obtain loans elsewhere.
FHLMC -The Federal Home Loan Mortgage Corporation, commonly known as Freddie Mac. The company buys mortgages from lending institutions, pools them with other loans and then sells shares to investors.
Private - A loan offered by a private individual or lender.
REO - Real Estate owned by banks.
Wrapped Trust - A loan to a buyer for the remaining balance on a seller's first mortgage and an additional amount requested by the seller. Payments on both loans are made to the lender who holds the wraparound loan.
2nd/3rd Trust - Additional loans you may have over the first, ex: home equity loans, private loans.
Coop Rec. Agreement - Financing through an umbrella loan through the cooperative.