A government organization that participates in the secondary market, buying, selling and guaranteeing FHA and VA loans.

Nickname for Government National Mortgage Association (GNMA).

A written explanation signed by the individual giving the gift stating, “This is a bona fide gift and there is no obligation expressed or implied to repay this sum at any time.”

Funds donated to the borrower from certain eligible sources to assist the borrower in meeting
closing costs. Generally, eligible sources are: a relative, church, municipality, or nonprofit
organization.

A deed which conveys not only all the grantor’s interests in and title to the property to the grantee, but also warrants that if the title is defective or has a “cloud” on it (such as mortgage claims, tax liens, title claims, judgments, or mechanic’s liens against it) the grantee may hold the grantor liable.

Nickname for Federal Home Loan Mortgage Corporation.

A legal term applied to any of the various methods of enforcing payment of the debt secured by a mortgage , or deed of trust, by taking and selling the mortgaged property, and depriving the mortgagor of possession.

See: Federal National Mortgage Association

The mortgage interest rate will remain the same on these mortgages throughout the term of the mortgage for the original borrower. See also: Adjustable Rate Mortgage.

A Real Estate loan that has priority over any subsequently recorded mortgages.