Category: Mortgages 101

Real Estate Term of the Day: Government National Mortgage Association (Ginnie Mae or GNMA)

March 6, 2015

Real Estate Term of the Day: Government National Mortgage Association (Ginnie Mae or GNMA) GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (Ginnie Mae or GNMA) – a government organization to assist in housing finance. Nicknamed Ginnie Mae, there are two main programs: 1) to guarantee payments to investors in mortgage-backed securities and 2) to absorb the write-down of … More Real Estate Term of the Day: Government National Mortgage Association (Ginnie Mae or GNMA)

Real Estate Term of the Day: Good Faith, Good Faith Estimate

March 5, 2015

Real Estate Term of the Day: Good Faith, Good Faith Estimate GOOD FAITH – a concept of honesty (Barron’s Dictionary of Real Estate Terms) GOOD FAITH ESTIMATE – under the REAL ESTATE SETTLEMENT PROCEDURES ACT, an estimate of closing costs that must be given by a lender to mortgage applicants (for residential loans on one … More Real Estate Term of the Day: Good Faith, Good Faith Estimate

Real Estate Term of The Day: Recap of the “F” Terms

March 4, 2015

FACADE FACADE EASEMENT FACTORY-BUILT HOME FEDERAL FAIR HOUSING LAW FEDERAL HOME LOAN MORTGAGE CORPORATION FEDERAL HOUSING ADMINISTRATION FEDERAL NATIONAL MORTGAGE ASSOCIATION FEDERAL TAX LIEN FEE SIMPLE FENG SHUI FIDUCIARY FIRST MORTGAGE FIXED-RATE MORTGAGE FIXTURES FLOOD INSURANCE FLOOR PLAN FORECLOSURE FORECLOSURE SALE FOUR-PLEX FSBO FULL DISCLOSURE FUNDING FEE Copyright 2015 – Created by Tagxedo.com

Real Estate Term of the Day: Funding Fee

March 3, 2015

Real Estate Term of the Day: Funding Fee FUNDING FEE (VA) – a nominal fee charged by the Veterans Benefits Administration to those receiving a MORTGAGE guaranteed by the administration (Barron’s Dictionary of Real Estate Terms)  This is a great article that I found regarding VA eligibility requirements: What are the Eligibility Requirements In order to be eligible … More Real Estate Term of the Day: Funding Fee