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Mortgage Loan
Mortgage Terms:
government loan (mortgage)
A mortgage that is insured by the Federal Housing Administration (FHA)
or guaranteed by the Department of Veterans Affairs (VA) or the Rural
Housing Service (RHS). Mortgages that are not government loans are classified
as conventional loans.
Government National Mortgage Association (Ginnie Mae)
A government-owned corporation within the U.S. Department of Housing and
Urban Development (HUD). Created by Congress on September 1, 1968, GNMA
performs the same role as Fannie Mae and Freddie Mac in providing funds
to lenders for making home loans. The difference is that Ginnie Mae provides
funds for government loans (FHA and VA)
grantee
The person to whom an interest in real property is conveyed.
grantor
The person conveying an interest in real property.
home equity line of credit
A mortgage loan, usually in second position, that allows the borrower
to obtain cash drawn against the equity of his home, up to a predetermined
amount.
home inspection
A thorough inspection by a professional that evaluates the structural
and mechanical condition of a property. A satisfactory home inspection
is often included as a contingency by the purchaser.
homeowners' association
A nonprofit association that manages the common areas of a planned unit
development (PUD) or condominium project. In a condominium project, it
has no ownership interest in the common elements. In a PUD project, it
holds title to the common elements.
homeowner's insurance
An insurance policy that combines personal liability insurance and hazard
insurance coverage for a dwelling and its contents.
homeowner's warranty
A type of insurance often purchased by homebuyers that will cover repairs
to certain items, such as heating or air conditioning, should they break
down within the coverage period. The buyer often requests the seller to
pay for this coverage as a condition of the sale, but either party can
pay.
HUD median income
Median family income for a particular county or metropolitan statistical
area (MSA), as estimated by the Department of Housing and Urban Development
(HUD).
HUD-1 settlement statement
A document that provides an itemized listing of the funds that were paid
at closing. Items that appear on the statement include real estate commissions,
loan fees, points, and initial escrow (impound) amounts. Each type of
expense goes on a specific numbered line on the sheet. The totals at the
bottom of the HUD-1 statement define the seller's net proceeds and the
buyer's net payment at closing. It is called a HUD1 because the form is
printed by the Department of Housing and Urban Development (HUD). The
HUD1 statement is also known as the "closing statement" or "settlement
sheet."
joint tenancy
A form of ownership or taking title to property which means each party
owns the whole property and that ownership is not separate. In the event
of the death of one party, the survivor owns the property in its entirety.
judgment
A decision made by a court of law. In judgments that require the repayment
of a debt, the court may place a lien against the debtor's real property
as collateral for the judgment's creditor. Alternative spelling is "judgement."
judicial foreclosure
A type of foreclosure proceeding used in some states that is handled as
a civil lawsuit and conducted entirely under the auspices of a court.
Other states use non-judicial foreclosure.
jumbo loan
A loan that exceeds Fannie Mae's and Freddie Mac's loan limits, currently
at $227,150. Also called a nonconforming loan. Freddie Mac and Fannie
Mae loans are referred to as conforming loans.
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