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Real Estate Glossary
To view a real estate term, click on one of the letters below.
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G
Good Faith Estimate - A document provided when you apply for a loan. It provides
estimates of all costs associated with obtaining and closing a mortgage loan.
Government Loan - A loan that is insured by the Federal Housing Administration
(FHA) or guaranteed by the Department of Veterans Affairs (VA) or the Rural
Housing Service (RHS). Contrast with conventional loan.
Government National Mortgage Association (GNMA or Ginnie Mae) - A
government-owned corporation within the U.S. Department of Housing and Urban
Development (HUD). Created by Congress on September 1, 1968, GNMA assumed
responsibility for the special assistance loan programs formerly administered by
Fannie Mae.
Grantee - The person to whom an interest in real property is conveyed (e.g. the
buyer).
Grantor - The person who conveys an interest in real property (e.g. the seller).
Gross Monthly Income - Normal annual income including overtime that is regular
or guaranteed. The before taxes income may be from more than one source. Salary
is generally the principal source, but other income may qualify if it is
significant and stable.
Ground Rent - The amount of money that is paid for the use of land when title to
a property is held as a leasehold estate rather than as a fee simple estate.
Group Home A single-family residential structure designed or adapted for
occupancy by unrelated developmentally disabled persons. The structure provides
long-term housing and support services that are residential in nature.
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