UPAS LC combines Usance and Sight Letter of Credit. Bank pays exporter immediately, importer pays later. Seller receives payment upon document presentation. Two financing sources: export bill discounting and buyer credit
Conforming mortgages meet FHFA limits, with 2024 limit of $766,550. Non-conforming loans exceed limits, allowing lower credit scores. Maximum loan amount increases to $806,500 in 2025
Conventional mortgage is a private lender loan not backed by government. Available through banks, credit unions, and mortgage companies. Some conventional loans guaranteed by Fannie Mae and Freddie Mac
ARM offers lower initial interest rates and payments than fixed-rate loans. Patelco provides 5, 7, or 10-year terms for ARM loans. Interest rate caps during adjustments and loan life. Payments can increase or decrease with rate changes
A legally binding contract outlining loan terms between lender and borrower. Includes loan amount, interest rate, repayment schedule, and collateral details. Serves as legal protection and documentation for loan transactions
FHA created in 1934 to help Americans afford homeownership. Offers more than a dozen mortgage loan programs. Requires 3.5% down payment for credit score 580+. Maximum loan-to-value ratio is 96.5% for credit score 580+