Nov 22, 2018
What is a Non-Recourse Loan?
If a loan is non-recourse, a lender can take possession of assets used as collateral to secure the loan. However, unlike a recourse loan, if money is still owed after selling the collateral, with a non-recourse loan, the lender cannot go after the borrower’s other assets or garnish wages. The lender must accept the loss.
Nov 22, 2018
What is MIP (Mortgage Insurance Premium)?
A HUD mortgage insurance premium, or MIP, is paid annually, beginning at closing for each year of construction and then annually.