The mortgage industry has many unique and confusing terms and acronyms. We hope these descriptions help you to better understand the lending process.
Team Souther Glossary
There are 5 names in this directory beginning with the letter D.
This is an official VA document that explains a veteran's discharge information. Reservists and National Guard members, who don't have a single discharge certificate like the DD-214, should procure their latest annual retirement points summary along with evidence of their honorable service.
Debt-to-Income Ratio (DTI)
This is the ratio of your total monthly debt payments to your gross monthly income. VA-approved lenders use 41 percent as a benchmark. Your DTI can change depending on the loan amount you seek.
Deed-in-Lieu of Foreclosure
An alternative to straightforward foreclosure. The borrower basically returns the house to the bank. A deed-in-lieu will negatively affect your credit score.