Mortgage glossary: Letter G » Mortgage FAQ
Search:

Main menu

Mortgage: Questions and answers
Mortgage Secrets

House insurance


Top News
 Mortgage glossary: Letter G
 
Gift When the down payment and closing costs for a home are given to the borrower instead of the funds coming from their own accounts, it is called a gift. Usually such gifts can only come from family members or foundations established to help new homeowners.

Gift Affidavit A form signed whereby someone swears that the money they're giving you is indeed a gift, not a loan, and is to be used for the purchase of a home. Lenders like to see that form, as well as a paper trail of the gift funds being added to your own funds.

Gift Funds Monies given to a borrower for the sole purpose of buying a home. These funds are not to be paid back in any form and are usually given by a family member or a qualified nonprofit organization.

 

Good Faith Estimate A list of estimated closing costs on a particular mortgage transaction. This estimate must be provided to the loan applicants within 72 hours after receipt of a mortgage application by the lender or broker.

Government National Mortgage Association (Ginnie Mae) The GNMA, or Ginnie Mae, is a U.S. government corporation formed to purchase government loans like VA and FHA loans from banks and mortgage lenders. Think of it as Fannie or Freddie, only it buys government loans.


 
 
 
 


Interesting


Home improvement


Tags

aus, bonus checks, chapter 13, chapter 7, debt ratio, debt ratios, dpap, fannie mae, freddie mac, gap, hazard insurance, home loan, house payment, insurance policy, irs, loan application, loan approve, loan inspector, loan officer, loan processor, loan programs, loan terms, mortgage, mortgage application, mortgage bad credit, mortgage bankruptcy, mortgage insurance, mortgage loan, mortgage loans, mortgage payment, mortgage payments, paycheck, pmi, real estate, real estate agent, regular house loan, second mortgage, social security number, student loans, W-2

Show all tags