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Real Estate - Manufactured homes are homes made or manufactured in a factory and designed to be transported to a site. Manufactured homes can be large or small, and while they are constructed in the same manner as mobile homes, manufactured homes are not truly mobile. Mobile homes can be moved from one location to another, while manufactured homes are permanently attached to the site using conventional on-site construction.
U.S. Census Bureau - Cite This Source - This Definition - Browse Related Terms: Building Code, Manufactured Housing, Mobile home, Variance
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Real Estate - Homes that are built entirely in a factory in accordance with a federal building code administered by the U.S. Department of Housing and Urban Development (HUD). Manufactured homes may be single- or multi-section and are transported from the factory to a site and installed. Homes that are permanently affixed to a foundation often may be classified as real property under applicable state law, and may be financed with a mortgage. Homes that are not permanently affixed to a foundation generally are classified as personal property, and are financed with a retail installment sales agreement.
Federal Trade Commission - Cite This Source - This Definition - Browse Related Terms: Building Code, Manufactured home, Mobile home, Variance
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Real Estate - The amount a willing buyer would pay a willing seller for a home. An appraised value is an estimate of the current fair market value.
US Department of Housing and Urban Development - Cite This Source - This Definition - The price a property can realistically sell for, based upon comparable selling prices of other properties in the same geographical area.
Ginnie Mae - Cite This Source - This Definition - The current value of your home based on what purchaser would pay. An appraisal is sometimes used to determine market value.
Federal Trade Commission - Cite This Source - This Definition - Browse Related Terms: Appraisal, appraisal fee, Appraised Value, Appraiser, Comparables, Comparative Market Analysis (COMPS), Eminent Domain, Equity, Fair market value, property appraisal
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Real Estate - Raw data pulled from two or more of the major credit-reporting firms.
US Department of Housing and Urban Development - Cite This Source - This Definition - A credit report issued by a credit reporting company that combines information from the three major credit repositories.
Federal Trade Commission - Cite This Source - This Definition - Browse Related Terms: Collection Account, Credit, Credit bureau, credit counseling, Credit Grantor, Credit History, Credit Life Insurance, Credit Repair Companies, Credit report, Fair Credit Reporting Act, Homestead Credit, National Credit Repositories
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Real Estate - Includes all forms of debt for which real property, that is, land and/or buildings, is given as security. Such security may be in one or more of the following:
- First mortgage: A mortgage having priority over all other voluntary liens against the property. A first mortgage gives the lender a first claim against the owner's rights in the property if the owner fails to meet the required payments on the mortgage.
- Second mortgage: A junior mortgage that ranks after a first mortgage in priority. Properties may have two, three, or more mortgages, deeds of trust, or land contracts, as liens at the same time. Legal priority would determine whether they are called a first, second, third, etc. lien.
- Deed of trust: An instrument used in many states in place of a mortgage. The difference between a mortgage and a deed of trust is that a deed of trust involves a third party, known as the trustee, who has technical title to the property. Trust deeds, trusts, mortgage bonds, and vendor's liens are similar terms used in various parts of the country.
- Contract to purchase: An arrangement for the sale of real estate whereby the buyer may use, occupy, and enjoy land, but no deed is given by the seller (and no title passes) until all or a specified part of the sale price has been paid. A purchaser who is buying the property by means of a contract to purchase may not consider himself/herself to be the owner since the seller actually has the title. However, for this survey, the purchaser is considered to be the owner. Contract for deed, land contract, purchase agreement, agreement of sale, and assumption agreement are similar terms used frequently in some areas of the country.
- Home equity line of credit: Allows the property owner to borrow against the equity in the home from time to time without reapplying for a loan.
U.S. Census Bureau - Cite This Source - This Definition - A lien on the property that secures the Promise to repay a loan. A security agreement between the lender and the buyer in which the property is collateral for the loan. The mortgage gives the lender the right to collect payment on the loan and to foreclose if the loan obligations are not met.
US Department of Housing and Urban Development - Cite This Source - This Definition - A legal instrument in which property serves as security for the repayment of a loan. In some states, a deed of trust is used rather than a mortgage.
Ginnie Mae - Cite This Source - This Definition - A contract, signed by a borrower when a home loan is made, that gives the lender the right to take possession of the property if the borrower fails to pay off, or defaults on, the loan.
The Federal Reserve Board - Cite This Source - This Definition - A loan using your home as collateral. In some states the term mortgage is also used to describe the document you sign [to grant the lender a lien on your home]. It may also be used to indicate the amount of money you borrow, with interest, to purchase your house. The amount of your mortgage is usually the purchase price of the home minus your down payment.
Federal Trade Commission - Cite This Source - This Definition - Browse Related Terms: Creative financing, default, First mortgage, Junior Mortgage, Subordinate Financing
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Real Estate - A clause allowing a lender, under certain circumstances, demand the entire balance of a loan is repaid in a lump sum. The acceleration clause is usually triggered if the home is sold, title to the property is changed, the loan is refinanced or the borrower defaults on a scheduled payment.
US Department of Housing and Urban Development - Cite This Source - This Definition - Browse Related Terms: Acceleration, acceleration clause, Demand loan, due-on-sale, Due-on-sale Clause, Loan Acceleration, Revolving Debt
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Real Estate - A company that originates loans and resells them to secondary mortgage lenders like Fannie Mae or Freddie Mac.
US Department of Housing and Urban Development - Cite This Source - This Definition - A lender that originates, closes, services and sells mortgage loans to the secondary market.
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), Government National Mortgage Association (GNMA or Ginnie Mae), Secondary market, Secondary Mortgage Market