F
RONTPAGE
B
LOG
F
IRST
T
IME
H
OME
B
UYER
FHA
VA N
EWS
HUD H
OMES
RSS
C
ONTACT
Baltimore HUD Homes
First Time Home Buyer
Get a $20 Discover Gift Card when you make $200 in purchases with your Discover Card at a participating mall between 11/01/08–01/04/09Read the story »Discover Card Holiday Mall Promotion: $20 off each $200 spent
L
ATEST
N
EWS
:D
ISCOVER
C
ARD
H
OLIDAY
M
ALL
P
ROMOTION
: $20
OFF
EACH
$200
SPENT
HUD Glossary
on Tuesday, November
25
2008
by HUD Man |Print the article|Edit|
HUD Glossary
Sponsor
Real Estate Glossary Terms
Navigation
2 A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
All of the definitions on this page are an internal anchor that link to themselves,thus if you wanted to link at the 203b definition on this page you would scrolldown to PageRank and click on it. Then in the address bar you would seehttp://baltimorehudhomes.com/HUD_US/hud_glossary/glossary.html#203b which links directly to that definition.
203b
FHA program which provides mortgage insurance to protect lenders fromdefault; used to finance the purchase of new or existing one to four familyhousing; characterized by low down payment, flexible qualifying guidelines,limited fees, and a limit on maximum loan amount.
203k
FHA mortgage insurance program enables homebuyers to finance boththe purchase of a house and the cost of its rehabilitation through a singlemortgage loan. .
AABR, Accredited Buyer Representative
The Accredited Buyer Representative designation, conferred by the Real Estate Buyer's Agent Council(REBAC), confirms an agent's mastery of buyer representation. Agents whohave earned the ABR designation have demonstrated experience in buyer representation. Two key areas emphasized in ABR training are how to identifypotential problems with a property and how to negotiate the best price on behalf of the buyer. REBAC is an affiliate of the National Association of Realtors.www.rebac.net A professional designation gained by a member of the NationalAssociaiton of REALTORS who has successfully completed extensive trainingon buyer agency practices and submitted practical experience as a buyer representativerebac.net
Adjustable-rate mortgage (ARM)
.A mortgage that permits the lender toadjust its interest rate periodically on the basis of changes in a specified index.
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).
Amortization.
The gradual repayment of a mortgage by installments.
Amortization schedule.
A timetable for payment of a mortgage showing theamount of each payment applied to interest and principal and the balanceremaining.
Specials
first timehomebuyer grant
Repairing your credit score is of concern to manyAmericans at thistime but there arestill ways toapply ...Read on →
HUDHomes
If a foreclosedhome waspurchased with aloan insured by theFHA, the lender can file a claim for the balance due onthemortgage....Readon →
BuyingBaltimorePropertiesinForeclosur
Baltimore Pre-ForeclosureForeclosure is alegal process thata lender initiatesafter the borrower fails to repay theloan as per the
RelatedItems
Baltimore HUD Homes
by HUD Man
The buying approach for aHUD home is different thanother homes for sale...Read on →
Ways to Avoid Foreclosure
by HUD Homes Articles
There may be many reasonswhy a homeowner is notable to make a mortgagepayment. It could be a.....Read on →
Other Glossaries andDictionaries
Other Glossaries and Dictionaries
ApogeeGlossary of Internet Web JargonSearch Engine TermsGoogle AdWords GlossaryMarketing TermsSearch Engine Dictionary.comSearch Engine ShowdownSEO Consultants DirectorySearch engine marketing glossarySearch ToolsSEOGlossary.comSEMPOSEWWebmaster WorldWebopediaWikipediaGoogle [define:SEO]
Popular
Negotiating A Short Sale
(9)
Do You Need Home Foreclosure Help: OptionsYou Have If You're Facing Foreclosure
(8)
Baltimore Foreclosure 101
(5)
Recent Posts Popular Updated
Annual percentage rate (APR).
The total yearly cost of a mortgage stated asa percentage of the loan amount; includes such items as the base interest rate,primary mortgage insurance, and loan origination fee (points).
Application
The first step in the official loan approval process; this form is usedto record important information about the potential borrower necessary to theunderwriting process.
Appraisal.
A professional opinion of the market value of a property: Adocument that gives an estimate of a property's fair market value; an appraisalis generally required by a lender before loan approval to ensure that themortgage loan amount is not more than the value of the property.
Appreciation.
An increase in the value of a property due to changes in marketconditions or other causes.
ARM
Adjustable Rate Mortgage; a mortgage loan subject to changes in interestrates; when rates change, ARM monthly payments increase or decrease atintervals determined by the lender; the Change in monthly -payment amount,however, is usually subject to a Cap.
Assessed value.
The valuation placed upon property by a public tax assessor for purposes of taxation.
Assessor:
A government official who is responsible for determining the value of a property for the purpose of taxation.
Assisted Housing.
Housing where the monthly costs to the tenant aresubsidized by federal or other programs.
Assumable mortgage.
A mortgage that can be taken over ("assumed') by thebuyer when a home is sold.
Assumption.
The transfer of the seller's existing mortgage to the buyer.B
Balloon Mortgage:
A mortgage that typically offers low rates for an initialperiod of time (usually 5, 7, or 10) years; after that time period elapses, thebalance is due or is refinanced by the borrower.
Bankruptcy:
A federal law Whereby a person's assets are turned over to atrustee and used to pay off outstanding debts; this usually occurs whensomeone owes more than they have the ability to repay.
Binder.
A preliminary agreement, secured by the payment of earnest money,under which a buyer offers to purchase real estate.
Block Grants.
Grants made by the federal government on a formula basis,usually to a state or local government.
Borrower:
A person who has been approved to receive a loan and is thenobligated to repay it and any additional fees according to the loan terms.
Borrowing Authority:
Authority to incur indebtedness for which the federalgovernment is liable, which authority is granted in advance of the provision of appropriations to repay such debts. Borrowing authority may take the form of authority to borrow from the Treasury or authority to borrow from the public bymeans of the sale of federal agency obligations. Borrowing authority is not anappropriation since it provides a federal agency only with the authority to incur adebt, and not the authority to make payments from the Treasury under the debt.Appropriations are required to liquidate the borrowing authority.
Building code:
Based on agreed upon safety standards within a specific area,a building code is a regulation that determines the design, construction, andmaterials used in building.terms of thecontract. Thelender initiatesthe ...Read on →
Foreclosur InformatioUnderstanFree Vs.PaidListings
Information Bothtypes of foreclosurelist are gooddepending on whatinformation youwant and the levelof competence of the investor. If youare a beginner, itwill berecommendable ....on →
AdS
A Bad Credit Credit Card
(4)
Foreclosure Disclosures In Baltimore
(3)
Bank Foreclosures
(3)
HUD Homes
(3)
How to Decide If You Should Refinance
(3)
Treemap Tells Story of Market Caps for 29Firms
(3)
Strategies For Stopping Foreclosure
(3)
Updated
Schwab 3Q profit falls, still beats estimatesOil dips below $75 as OPEC cuts demandforecastUS confronts possibility of long, deep recessionDelta swings to 3Q loss, AMR posts small profitJPMorgan profit sinks as credit deteriorates
Archives
By Date
Links
AlabamaAlaskaArizonaArkansasCaliforniaColoradoConnecticutDelawareDistrict of ColumbiaFloridaGeorgiaHawaiiIdahoIllinoisIndianaIowaKansasKentuckyLouisianaMaineMarylandMassachusettsMichiganMinnesotaMississippiMissouriOctober 2008
Budget:
A detailed record of all income earned and spent during a specificperiod of time.
CCap.
A provision of an ARM limiting how much the interest rate or mortgagepayments may increase or decrease.
Cash reserve.
A requirement of some lenders that buyers have sufficient cashremaining after closing to make the first two monthly mortgage payments.
CCRs - Covenants, Conditions and Restrictions.
A document that controlsthe use requirementsd restrictions of a property. Usually available from a Titlecompany.
Clear title.
A title that is free of liens or legal questions as to ownership of property.
Cloud On The Title.
Any condition which affects the clear title to real property.
Closing.
A meeting at which a sale of a property is finalized by the buyer signing the mortgage documents and paying closing costs. Also called"settlement."
Closing costs.
Expenses (over and above the price of the property) incurred bybuyers and sellers in transferring ownership of a property. Also called"settlement costs."
Commitment letter.
A formal offer by a lender stating the terms under which itagrees to lend money to a home buyer.
Condominium.
A form of property ownership in which the homeowner holdstitle to an individual dwelling unit, an undivided interest in common areas of amulti-unit project, and sometimes the exclusive use of certain limited commonareas.
Community Development Financial Institution.
A specialized financialinstitution that works in market niches that have not been adequately served bytraditional financial institutions. CDFIs provide a wide range of financial productsand services, including mortgage financing, commercial loans, financing for community facilities, and financial services needed by low income households.Some CDFIs also provide technical assistance. To be certified as a CDFI by theCDFI Fund of the Treasury Department, an institution must engage incommunity development, serve a targeted population, provide financing, havecommunity representatives on its board, and be a non-governmentalorganization.
Contingency.
A condition that must be met before
Conventional mortgage.
Any mortgage that is not insured or guaranteed bythe federal government.
Convertible ARM.
An adjustable-rate mortgage that can be converted to afixed-rate mortgage under specified conditions.
Cooperative.
A type of multiple ownership in which the residents of a multi-unithousing complex own shares in the corporation that owns the property, givingeach resident the right to occupy a specific apartment or unit.
Covenant.
A clause in a mortgage that obligates or restricts the borrower andthat, if violated, can result in foreclosure.
Credit report.
A report of an individual's credit history prepared by a creditbureau and used by a lender in determining a loan applicant's creditworthiness.
DDeed.
The legal document conveying title to a property.MontanaNebraskaNevadaNew HampshireNew JerseyNew MexicoNew YorkNorth CarolinaNorth DakotaOhioOklahomaOregonPennsylvaniaRhode IslandSouth CarolinaSouth DakotaTennesseeTexasUtahVermontVirginiaWashingtonWest VirginiaWisconsinWyoming
Dialogue
asydrallgak
2008-10-06 11:08:15
Looking4Flat
2008-10-02 23:51:23
Guallurbure
2008-09-28 22:58:44
HUD Homes Articles
2008-09-28 01:24:59
Search History:
Result 00 of 00
00 results for result for
p.
Notes
Load more
