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Real Estate - A sum of money, including amounts from a relative or a grant from the borrower's employer, a municipality, non-profit religious organization, or non-profit community organization that does not have to be repaid.
Ginnie Mae - Cite This Source - This Definition - Browse Related Terms: Bankruptcy, debt, Deed-in-Lieu, Financing, Global Debt Facility, Mutual Funds, Pre-foreclosure Sale, Soldiers and Sailors Civil Relief Act
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Real Estate - A letter that a family member writes verifying that s/he has given you a certain amount of money as a gift and that you don't have to repay it. You can use this money towards a portion of your down payment with some mortgages.
Federal Trade Commission - Cite This Source - This Definition - Browse Related Terms: Charge-off, Cushion, Interest, Loan, PITI, PITI Reserves, Principal, interest, taxes, and insurance payment (PITI), Principal, Interest, Taxes, and Insurance (PITI), Reinstatement Period, taxes
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Real Estate - A federal association, working with FHA, that offers special assistance in obtaining mortgages, and purchases mortgages in a secondary capacity. Ginnie Mae's two main programs guarantee payments to investors in mortgage-backed securities, and absorb the write-down of low-interest rate loans that are used to finance low-income housing. Formerly known as the "Government National Mortgage Association (GNMA)."
U.S. Census Bureau - Cite This Source - This Definition - Government National Mortgage Association (GNMA); a government-owned corporation overseen by the U.S. Department of Housing and Urban Development, Ginnie Mae pools FHA-insured and VA-guaranteed loans to back securities for private investment; as With Fannie Mae and Freddie Mac, the investment income provides funding that may then be lent to eligible borrowers by lenders.
US Department of Housing and Urban Development - Cite This Source - This Definition - Nickname for Government National Mortgage Association (GNMA).
Ginnie Mae - Cite This Source - This Definition - Browse Related Terms: Fannie Mae, Fannie Mae-Seller/Servicer, Federal National Mortgage Association (FNMA or Fannie Mae), FNMA, Government National Mortgage Association (Ginnie Mae), Government National Mortgage Association (GNMA or Ginnie Mae), mortgage banker, Secondary market, Secondary Mortgage Market
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Real Estate - An estimate of all closing fees including pre-paid and escrow items as well as lender charges; must be given to the borrower within three days after submission of a loan application.
US Department of Housing and Urban Development - Cite This Source - This Definition - The estimate on closing costs and monthly mortgage payments provided by a lender to the homebuyer within 3 days of applying for a loan.
Ginnie Mae - Cite This Source - This Definition - An estimated breakdown of the costs of a mortgage loan. The Real Estate Settlement Procedures Act (RESPA) requires your mortgage lender to give you a good faith estimate of all your closing costs within 3 business days of submitting your application for a loan, whether you are purchasing or refinancing a home. The actual expenses at closing may be somewhat different from the good faith estimate.
The Federal Reserve Board - Cite This Source - This Definition - A form required by the Real Estate Settlement and Procedures Act (RESPA) that discloses an estimate of the amount or range of charges, for specific settlement services the borrower is likely to incur in connection with the mortgage transaction.
Federal Trade Commission - Cite This Source - This Definition - Browse Related Terms: Bona fide, closing (or settlement) costs, Closing statement, HUD-1 Settlement Statement, HUD1 Statement, No Cost Loan, Real Estate Settlement Procedures Act (RESPA), RESPA, settlement costs, Settlement Statement, Uniform Settlement Statement
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Real Estate - A mortgage loan that is insured or guaranteed by a federal government entity such as the Federal Housing Administration (FHA) or guaranteed by the U. S. Department of Veterans Affairs (VA), or the Rural Housing Service (RHS).
Federal Trade Commission - Cite This Source - This Definition - Browse Related Terms: Certificate of Eligibility, conventional loan, Conventional Mortgage, Small Business Administration (SBA), VA Guaranteed Loan, VA loan, VA Mortgage, VA mortgage loan, VA (Department of Veterans Affairs), VA (Veterans Affairs, U.S. Department of), Veterans' Administration (VA)
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Real Estate - A government organization that participates in the secondary market, securitizing pools of FHA, VA, and RHS loans.
Ginnie Mae - Cite This Source - This Definition - Browse Related Terms: Fannie Mae, Fannie Mae-Seller/Servicer, Federal National Mortgage Association (FNMA or Fannie Mae), FNMA, Ginnie Mae, Government National Mortgage Association (Ginnie Mae), mortgage banker, Secondary market, Secondary Mortgage Market
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Real Estate - Money earned before taxes and other deductions. Sometimes it may include income from self-employment, rental property, alimony, child support, public assistance payments, and retirement benefits.
US Department of Housing and Urban Development - Cite This Source - This Definition - Browse Related Terms: Before-Tax Income, Gross Monthly Income, Income tax credit, Keogh Funds, Low-income housing, Mortgage Interest Deduction, net income, Net Monthly Income, Property Tax Deduction, Real Estate Property Tax Deduction, Return On Average Common Equity, tax savings
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Real Estate - The income you earn in a month before taxes and other deductions. It may also include rental income, self-employed income, income from alimony, child support, public assistance payments, and retirement benefits.
Federal Trade Commission - Cite This Source - This Definition - Browse Related Terms: Before-Tax Income, Gross Income, Income tax credit, Keogh Funds, Low-income housing, Mortgage Interest Deduction, net income, Net Monthly Income, Property Tax Deduction, Real Estate Property Tax Deduction, Return On Average Common Equity, tax savings