Development Finance Proof of funds Real-estate owned 
HomeLight
AUGUST 31, 2020
You are typically required to have cash in hand (a cashier’s check and/or proof of funds) for the purchase price of the house and usually cannot get a mortgage loan for the property. At this point it is now called a bank-owned or real estate-owned (REO) property. Where HUD Homes come from.
The Close
DECEMBER 29, 2022
A short-term loan that covers the cost to build a property until the owner can secure long-term financing. These mortgages were developed in the 1980s in an era of double-digit interest rates when borrowers were hopeful that the rates wouldn’t rise much more. Cost of funds index (COFI). Owner financing. Contingency.
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