State or local agencies responsible for financing and preserving low- and moderate-income housing within a state.

Provides housing assistance and supportive services to low-income people with HIV/AIDS and their families. HOPWA funds may also be used for health care and mental health services, chemical dependency treatment, nutritional services, case management, assistance with daily living, and other supportive services.

Indicates that only a portion of the OMB-defined core-based statistical area (CBSA) is in the area to which the income limits or FMRs apply. HUD is required by OMB to alter the name of metropolitan geographic entities it derives from the CBSAs when the geography is not the same as that established by OMB.

An information resource from HUD’s Office of Policy Development and Research offering a wide range of low- and no-cost content of interest to housing and community development researchers, government officials, academics, policymakers, and the American public. HUD USER is the primary source for federal government reports and information on housing policy and programs, building technology, economic development, urban planning, and other housing-related topics.

HUD Website

To give a thing as security without the necessity of relinquishing title or possession.

Determines the eligibility of applicants for HUD’s assisted housing programs. The major active assisted housing programs are the Public Housing program, the Section 8 Housing Assistance Payments program, Section 202 housing for the elderly, and Section 811 housing for persons with disabilities.

A financial institution that invests in mortgages typically carried in its own portfolio, such as savings & loan associations, commercial banks, life insurance companies, and pension and trust funds.

A state tax on certain items of intangible personal property such as mortgages.

Consideration paid for the use of money, usually expressed as an annual percentage.

The process whereby financial middlemen consolidate small savings accounts of individual depositors and invest those funds in large, stable, diversified projects; the opposite of disinter mediation.

A lien placed on property involuntarily as a result of a court action.

A loan amount above the industry-standard definition of conventional conforming loan limits. This standard is set by the two largest secondary market lenders, Fannie Mae and Freddie Mac. Loans above the conforming limits may be offered by seller servicers of these wholesale institutions, as well as Wall Street conduits who provide warehouse financing for mortgage lenders.  As of 2006, the limit is $417,000, or $625,500 in Alaska, Hawaii, Guam, and the U.S. Virgin Islands.

Any lien subsequent to the claims of the holder of a prior senior mortgage as evidenced by the time and date of recording.

A penalty computed on the principal & interest which a borrower is required to pay for failure to pay a regular installment when due.

Paint or other surface coatings that contain lead equal to or exceeding 1.0 milligram per square centimeter or 0.5 percent by weight or 5,000 parts per million (ppm) by weight.

A property description sufficient to locate and identify the property. Legal descriptions are found on all loan applications, appraisals, real estate contracts, mortgages, surveys, and deeds.

The use of borrowed funds to finance the purchase of an asset; the use of another’s money to make more money.

A legal hold or claim of one person on the property of another as security for a debt or charge. A mortgage is a voluntary lien.

A concept followed in several states, including Florida, providing that a mortgage represents a lien on the property with the mortgagor retaining legal title.

A notice recorded in the official records of a county to indicate there is a pending suit affecting property in that jurisdiction; notice of intent to file foreclosure proceeding or to place a lien on the property.

A sum of money provided by a lender to be repaid with or without interest.

The process of formulating, executing, and delivering all documents required by a permanent investor, the disbursement of the mortgage funds, and providing for the protection of the investor’s security.

The assembling of a mortgage loan application and related documents for consideration for the purpose of making a mortgage loan.

Documentation delivered to a prospective lender for review and consideration for the purpose of making a mortgage loan.

The relationship between the mortgage amount and the appraised value (or sales price if lower) of the security property, and expressed as a percent.