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After Appraisal
Part of the appraisal of a property from which only a portion of that property is acquired for the planned project. This type of acquisition is often referred to as a "partial acquisition."
Fair Market Value
The price which a willing buyer will pay a willing seller for a piece of real estate.
HUD
The U.S. Department of Housing and Urban Development; established in 1965, HUD works to create a decent home and suitable living environment for all Americans; it does this by addressing housing needs, improving and developing American communities, and enforcing fair housing laws.
FHA
Federal Housing Administration; established in 1934 to advance homeownership opportunities for all Americans; assists homebuyers by providing mortgage insurance to lenders to cover most losses that may occur when a borrower defaults; this encourages lenders to make loans to borrowers who might not qualify for conventional mortgages.
Homeowner's insurance
An insurance policy that .combines protection against damage to a dwelling and Is contents with protection against claims of negligence or inappropriate action that result in someone's injury or property damage.
Down payment
The portion of a home's purchase price that is paid in cash and is not part of the mortgage loan.
Interest rate
The amount of interest charged on a monthly loan payment; usually expressed as a percentage.
Annual Percentage Rate (APR):
Calculated by using a standard formula, the APR shows the cost of a loan; expressed as a yearly interest rate, it includes the interest, points, mortgage insurance, and other fees associated with the loan.
Deed
The document that transfers ownership of a property
Appraisal
A qualified individual who uses his or her experience and knowledge to prepare the appraisal estimate.
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