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Gap Financing
An interim loan made to provide funding during the time between the end of loans extended during the development stage of a project and the beginning of the permanent mortgage extended to the buyer.
Ginnie Mae (Government National Mortgage Association)
A government-owned corporation overseen by the U.S. Department of Housing and Urban Development, Ginnie Mae pools FHA-insured and VA-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.
Ginnie Mae guaranty
Ginnie Mae guarantees the timely payment of principal and interest on its securities, backed by the full faith and credit of the United States. Also see ‘Ginnie Mae’
Ginnie Mae I
Pass-through mortgage securities on which registered holders receive separate principal and interest payments on each of their certificates. Ginnie Mae I securities are single-issuer pools. Also see ‘Ginnie Mae.’
Ginnie Mae II
Pass-through mortgage securities on which registered holders receive an aggregate principal and interest payment from a central paying agent on all of their Ginnie Mae II certificates. Ginnie Mae II securities are collateralized by multiple-issuer pools or custom pools, which contain loans from one issuer, but interest rates that may vary within one-half percentage point in pools issued after July 1, 2003 or one percentage point in pools issued prior to July 1, 2003. Also see ‘Ginnie Mae.’
Ginnie Mae issuer
A mortgage lender who is eligible to participate in Ginnie Mae's MBS program. Also see ‘Ginnie Mae.’
GNMA (Government National Mortgage Association)
Also known as Ginnie Mae. A government-owned corporation overseen by the U.S. Department of Housing and Urban Development, Ginnie Mae pools FHA-insured and VA-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.
Good Faith Estimate
An estimate of all closing fees including pre-paid and escrow items as well as lender charges; must be given to the borrower within three days after submission of a loan application.
Good Title
Title to property that is free of defects and that will legally be accepted without objection. Also known as perfect title, clear title, and marketable title.
Government Loan
A mortgage insured by the U.S. Federal Housing Administration (FHA) or guaranteed by the Department of Veterans Affairs (VA) or the Rural Housing Service (RHS). Mortgages that are not government loans are considered conventional loans.
Government National Mortgage Association (Ginnie Mae)
Also known as Ginnie Mae. A government-owned corporation overseen by the U.S. Department of Housing and Urban Development, Ginnie Mae pools FHA-insured and VA-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.
Government National Mortgage Association (GNMA)
Also known as Ginnie Mae. A government-owned corporation overseen by the U.S. Department of Housing and Urban Development, Ginnie Mae pools FHA-insured and VA-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.
GPM (Graduated Payment Mortgage)
A flexible mortgage for which the payments increase over a given period and then level off. Negative amortization is built into this mortgage.
Grace Period
A period in which late payments can be made without penalty (usually fifteen days).
Graduated Payment Mortgage (GPM)
A flexible mortgage for which the payments increase over a given period and then level off. Negative amortization is built into this mortgage.
Grantee
A person receiving an interest in property.
Grantor
An individual who establishes a trust by giving property to a trustee for the benefit of another.
Guarantor
An individual, institution or other entity that guarantees to repay a debt if the borrower defaults. Under the Federal Home Loan Mortgage Corporation's Guarantor Program, original lenders sell ('swap') loans to Freddie Mac in exchange for Participation Certificates.
Guaranty
A promise made to pay a debt or perform a contracted obligation if the original party does not act according to the contract.
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