Family Equity Financing: a loan backed by the worth of property (a house)
GSE: abbreviation for government-sponsored businesses: a set of economic services providers designed from the Us Congress to reduce rates to possess producers and you can homeowners. Examples include Fannie mae and you will Freddie Mac.
Ginnie Mae: Government Federal Financial Relationship (GNMA); an authorities-possessed business tracked by You.S. Agency away from Housing and Metropolitan Creativity, Ginnie Mae swimming pools FHA-covered and you can Virtual assistant-secured fund so you can back securities for individual financing; like with Fannie mae and you will Freddie Mac computer, the brand new financial support money brings financing that may upcoming use so you can eligible borrowers of the lenders.
Gross income: money received just before taxes or any other write-offs. Sometimes it are normally taken for net gain from mind-a job, local rental possessions, alimony, child service, personal advice payments, and you will pensions.
Warranty Commission: fee in order to FannieMae away from a loan provider into the assurance away from quick dominant and you may appeal money so you’re able to MBS (Home loan Recognized Safeguards) safeguards holders.
H
HECM (Opposite Mortgage): the opposite mortgage is used from the elderly homeowners years 62 and you will old to alter this new collateral in their home into the monthly channels cash and/otherwise a line of credit become paid off when they no lengthened invade your house. A financial institution eg a mortgage lender, lender, borrowing from the bank relationship or offers and you can mortgage relationship loans the fresh FHA insured loan, popularly known as HECM. Read more
