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GiftA sum of money, including amounts from a relative or a grant from the borrower's employer, a municipality, non-profit religious organization, or non-profit community organization that does not have to be repaid.
Ginnie MaeNickname for Government National Mortgage Association (GNMA).
Good Faith EstimateThe estimate on closing costs and monthly mortgage payments provided by a lender to the homebuyer within 3 days of applying for a loan.
Government National Mortgage Association (GNMA or Ginnie Mae)The Government National Mortgage Association (Ginnie Mae) was created in 1968 as a wholly- owned government corporation within the U.S. Department of Housing and Urban Development (HUD).
Ginnie Mae guarantees the principal and interest payments on mortgage-backed securities (MBS) issued by program participants. The securities are collateralized by the cash flows from loans insured or guaranteed by the Federal Housing Administration (FHA), Department of Veterans Affairs Home Loan Program (VA), Office of Public and Indian Housing (PIH), and the U.S. Department of Agriculture (USDA) Rural Development (RD).
The Ginnie Mae guarantee assures investors that they will receive their monthly principal and interest (P&I) payments on outstanding securities in a timely manner. This guarantee is the only MBS backed by the full faith and credit of the United States Government.
Graduated Payment Mortgage (GPM)A fixed-interest loan with lower payments in the early years than in the later years. The amount of the payment gradually increases over a period of time and then levels off at a payment sufficient to pay off the loan over the remaining amortization period.
Last Modified: 12/11/2020 3:47 PM