An economic concept of value; no rational buyer would pay more for a property than the cost of an equally desirable comparable property.

Insurance provided by a private company protecting conventional mortgage lenders against loss resulting from a mortgagor’s default.

The schedule of income and expenses reflecting a net profit or loss during a specified period of time; also know as an Operating Statement or Income Statement.

The schedule of income and expenses reflecting a net profit or loss during a specified period of time; also know as an Operating Statement or Income Statement.

The schedule of income and expenses reflecting a net profit or loss during a specified period of time; also know as an Operating Statement or Income Statement.

Any state, county, municipality, or other governmental entity or public body, or agency or instrumentality of these entities that is authorized to engage or assist in the development or operation of low-income housing under the U.S. Housing Act of 1937.

A mortgage given (in lieu of cash) by the purchaser of real property to the seller as part of the consideration in the sales transaction; often considered “seller financing.”

A real estate transaction for the acquisition of a real parcel of real estate by a buyer.

Any census tract (or equivalent geographic area defined by the Census Bureau) in which at least 50 percent of households have an income less than 60 percent of the area median gross income.

A deed transferring (with no warranty) the interest or right the grantor may have at that time; a release.

Provides and promotes the effective use of accurate, timely, and reliable information assessing the condition of HUD’s portfolio. REAC also provides information to help ensure safe, decent, and affordable housing. It is designed to restore the public trust by identifying fraud, abuse, and waste of HUD resources.

A written agreement whereupon a seller commits to sell and a buyer commits to purchase certain real estate. Provisions include; price, terms, financing, down payment, and responsibility for property settlement expenses. Most contracts provide for buyer or seller to cancel the contract and permit return of buyer’s deposit if diligent efforts to meet financing contingencies have been unsuccessful.

A federal law requiring that all closing costs be disclosed on a Good Faith Estimate within 3 business days, use of a HUD-1 Settlement Statement, requires lenders disclose the likelihood that the servicing right may be transferred and limits the amount held in escrow to pay for taxes and insurance.

Land, appurtenances, structures, minerals, and all the right, interests, and benefits inherent therein.

Providing constructive notice with the clerk of the circuit court of details of a properly executed legal document, such as a deed, mortgage, or satisfaction of mortgage.

Collects, processes, assembles, and disseminates information on the barriers faced in the creation and maintenance of affordable housing. The Clearinghouse is hosted by HUD USER.

A clause in a blanker mortgage allowing for release of certain individual parcels upon payment of a specified amount.

A mortgage in which a lender may make scheduled monthly payments to the borrower using mortgage-free property as collateral.

The right to redeem property during the foreclosure period by paying the amount owed, including fees and interest.

Originally called statistical analysis software, SAS is software that allows users to perform a range of statistical analyses. Some HUD USER data sets are available in SAS.

A recordable instrument provided by the lender evidencing payment in full of the mortgage debt.

The market where existing mortgages are bough and sold. It contrasts with the primary mortgage market, where mortgage are originated.

Awards from the HUD Secretary for best in residential housing design, excellence in historic preservation, and excellence produced through cooperative public/private efforts that expand homeownership opportunities for underserved American families.

Provides capital advances to finance the construction, rehabilitation or acquisition (with or without rehabilitation) of structures that will serve as supportive housing for very-low-income elderly persons, including the frail elderly, and provides rent subsidies for the projects to help make them affordable.

Provides rental assistance to low-income families who are unable to afford market rents. Assistance may be in the form of vouchers or certificates.