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Glossary of terms and acronyms used on this site

There are 93 entries in this glossary.
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Term Definition
Graduated Payment Mortgages

Mortgages that begin with lower monthly payments that get slowly larger over a period of years, eventually reaching a fixed level and remaining there for the life of the loan. Graduated payment loans may be good if you expect your annual income to increase. Source: www.hud.gov

Grantee

An individual to whom an interest in real property is conveyed.

Grantor

An individual conveying an interest in real property. Source: www.hud.gov

Gross Income

Money earned before taxes and other deductions. Sometimes it may include income from self-employment, rental property, alimony, child support, public assistance payments, and retirement benefits. Source: www.hud.gov

GSE

Government-sponsored enterprises (Fannie Mae and Freddie Mac)

HOC

Homeownership Center (FHA - Single Family Housing field structure)

HUD

U.S. Department of Housing and Urban Development

REO

Real Estate Owned - in reference to defaulted and foreclosed FHA, VA and Bank owned properties

Title I

Title I of the National Housing Act of 1937 provided FHA insurance for home improvements and mobile homes.

USDA

U.S. Department of Agriculture

USPAP

Uniform Standards of Professional Appraisal Practice (USPAP) can best be described as the quality control and operations manual of the appraisal industry in the United States and its territories.

VA

U.S. Department of Veterans Affairs

Zoning

Local laws established to control the uses of land within a particular area. Zoning laws are used to separate residential land from areas of non-residential use, such as industry or businesses. Zoning ordinances include many provisions governing such things as type of structure, setbacks, lot size, and uses of a building. Source: www.hud.gov

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