Government National Mortgage Association (GNMA)
A federal agency that guarantees mortgage securities that are issued against pools of FHA and VA mortgages.
Popular Mortgage Terms
Requirements stipulated by the lender that the ratio of housing expense to borrower income and the ratio of housing expense plus other debt service to borrower income cannot exceed ...
In connection with a home, the value of the home less the balance of outstanding mortgage loans on the home. ...
The month in which a zero loan balance is reached. The payoff month may or may not be the loan term. ...
The longest period for which the lender will lock the rate and points on any program. On most programs, the longest lock period is 90 days; some go to 120 days and a few to 180 days. It ...
Acceptance of the borrower's loan application. Approval means that the borrower meets the lender's Qualification Requirements and also its Underwriting Requirements. In some cases, ...
Housing expense plus current debt service payments. ...
A lender that sells the loans it originates, as opposed to a portfolio lender that holds them. ...
The number of days for which any lock or float-down holds. The longer the period, the higher the price to the borrower. ...
A reduction in the mortgage payment made by a homebuyer in the early years of the loan in exchange for an upfront cash deposit provided by the buyer, the seller, or both. How Temporary ...
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