Ginnie Mae Government National Mortgage Association
A government-owned corporation overseen by the U.S. Department of Housing and Urban Development Ginnie Mae pools FHA-insured and VA-guaranteed loans to back securities for private investment as With Fannie Mae and Freddie Mac the investment income provides funding that may then be lent to eligible borrowers by lenders.

Cooperative Co-op
Residents purchase stock in a cooperative corporation that owns a structure each stockholder is then entitled to live in a specific unit of the structure and is responsible for paying a portion of the loan.

Annual Percentage Rate APR
Calculated by using a standard formula the APR shows the cost of a loan expressed as a yearly interest rate it includes the interest points mortgage insurance and other fees associated with the loan.

PMI Private Mortgage Insurance
Privately-owned companies that offer standard and special affordable mortgage insurance programs for qualified borrowers with down payments of less than 20% of a purchase price.

Homeowners insurance
An insurance policy that combines protection against damage to a dwelling and Is contents with protection against claims of negligence r inappropriate action that result in someones injury or property damage.

Principal
The amount borrowed from a lender doesnt include interest or additional fees.

Down payment
The portion of a homes purchase price that is paid in cash and is not part of the mortgage loan.

Amenity
A feature of the home or property that serves as a benefit to the buyer but that is not necessary to its use may be natural like location Woods water or man-made like a swimming pool or garden.

Assessor
A government official who is responsible for determining the value of a property for the purpose of taxation.

Rehabilitation mortgage
A mortgage that covers the costs of rehabilitating repairing or Improving a property some rehabilitation mortgages - like the FHAs 203k - allow a borrower to roll the costs of rehabilitation and home purchase into one mortgage loan.