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Loanfactz Definitions

Glossary of Legal Terms, Loan Terms and Home Construction, Repair and Maintenance Definitions. Some words have more than one meaning. Only those meanings relating to this site will be used.

All of G

Ginnie Mae

Government National Mortgage Association (GNMA or Ginnie Mae). Government Guaranteed. A government owned corporation overseen by the United States Department of Housing and Urban Development, Ginnie Mae pools FHA (Federal Housing Administration) insured and VA (Veteran Administration) guaranteed loans to back securities for private investment. As with Fannie Mae and Freddie Mac, the investment income provides funding that may then be lent to eligible borrowers by lenders. Read more about Ginnie Mae

Glossary For This Page
(In Alphabetical Order)

* Fannie Mae
The Fannie Mae Foundation creates affordable homeownership and housing opportunities for communities across the United States.

* FHA (Federal Housing Administration)
Federal Housing Administration (FHA). A loan with certain restrictions that is guaranteed by the Federal Housing Administration. An agency within the Department of Housing and Urban Development that sets underwriting standards and insures residential mortgage loans made by private lenders. FHA mortgages may be easier to qualify for since they require a low down payment, usually about 3% of the loan amount, and may offer low interest rates. One of FHA's objectives is to help make affordable mortgages available to homeowners with low or moderate income. FHA loans may be high loan-to-value, and they are limited by loan amount. FHA mortgage insurance requires a fee of 1.5 percent of the loan amount to be paid at closing, as well as an annual fee of 0.5 percent of the loan amount added to each monthly payment.

* Freddie Mac
Freddie Mac makes housing more accessible and affordable for millions of families across America.

* VA (Veteran Administration)
A program of the Department of Veteran Affairs, which allows most veterans to purchase a house without a down payment.

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