Allows low-income families who qualify for Section 8 rental assistance to use their certificates or vouchers to pay for homeownership costs under a mortgage.

An interest that a lender takes in the borrower’s property to assure repayment of a debt.

Provides funding for the employment of Service Coordinators in insured and assisted apartment housing that is designed for the elderly and persons with disabilities. A service coordinator is a social service staff person hired or contracted by the development’s owner or management company. The Service Coordinator is responsible for assuring that elderly residents, especially those who are frail or at risk, and those nonelderly residents with disabilities are linked to the specific supportive services they need to continue living independently in that housing development.

The collection for an investor of periodic payments of principal, interest, and trust items (hazard insurance and taxes) in accordance with the terms of the note and mortgage.

The compensation a lender receives from an investor for servicing loans on its behalf.

Restrictions established in a deed or by zoning on the space required between lot lines on its behalf.

Restrictions established in a deed or by zoning on the space required between lot lines on its behalf.

A mortgage in which a lender charges a below-market interest rate in exchange for a share of the property’s appreciation upon the sale or maturity of the loan.

Authorized by title IV, subtitle F, of the Stewart B. McKinney Homeless Assistance Act (the McKinney Act) (42 U.S.C. 11403–11407b). S+C is designed to link rental assistance to supportive services for hard-to-serve homeless persons with disabilities (primarily those who are seriously mentally ill; have chronic problems with alcohol, drugs, or both; or have acquired immunodeficiency syndrome (AIDS and related diseases) and their families. The program provides grants to be used for rental assistance for permanent housing for homeless persons with disabilities. Rental assistance grants must be matched in the aggregate by supportive services that are equal in value to the amount of rental assistance and appropriate to the needs of the population to be served. Recipients are chosen on a competitive basis nationwide.

The act of a title insurance company providing both an owner’s title policy and mortgagee’s title policy at the same time.

The act of a title insurance company providing both an owner’s title policy and mortgagee’s title policy at the same time.

A commitment to purchase a loan whereby both parties understand that delivery is not likely unless circumstances warrant.

The fee charged by an investor for a stand-by commitment. The fee is earned upon issuance and acceptance of the commitment.

A state law requiring certain contracts relating to real property be in writing and signed in order to be legally enforceable.

A law limiting the time period during which a legal action may be commenced.

Designation placed in front of those areas where only the counties or towns of the subarea are used in calculating income limits and FMRs.

A purchaser acquires property with an existing mortgage, upon which purchaser makes payments but does not take personal liability for the promissory note.

Voluntary acceptance of a lower mortgage priority than one would otherwise be entitled to have in that property. A subordinated mortgage is inferior to a senior mortgage.

This program is authorized by title IV of the Stewart B. McKinney Homeless Assistance Act (the McKinney Act) (42 U.S.C. 11381–11389). The program is designed to promote the development of supportive housing and supportive services, including innovative approaches to assist homeless persons in the transition from homelessness, and to promote the provision of supportive housing to homeless persons to enable them to live as independently as possible.

The procedure used to measure and describe a specific tract of land for the purpose of determining exact boundaries and the area contained therein.

The procedure used to measure and describe a specific tract of land for the purpose of determining exact boundaries and the area contained therein.

Using labor to build or improve a property as part of the down payment. ?

A financing technique that occurs when a correspondent lender or lender closes a mortgage loan with funds belonging to an acquiring investor and immediately assigns the loan to that investor.

Long-term permanent financing used to pay off an interim construction loan; sometimes referred to as an “end loan.”

The assessed value less allowable exemptions resulting in an amount to which the millage rate is applied to determine property taxes due.