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AkWarm--An energy
software program developed by AHFC to evaluate the energy performance of
homes (pronounced ak-warm)
AFA--Aleutian Housing
Authority (based in Anchorage): One of Alaska's 14 Indian (Regional)
Housing Authorities
AHELP--Affordable
Housing Enhanced Loan Program: An umbrella of special AHFC programs,
such as the Community Participation Second Mortgage (currently operated
by Cook Inlet Housing Authority) and the inactive Homeownership
Guaranteed Loan Program (5% Program) (pronounced A-help)
AHFC--Alaska
Housing Finance Corporation
AHP--Alaska
Home Properties, now known as the Servicing area of AHFC's Mortgage
Department
AHMI--Alaska
Housing Market Indicators: A publication of AHFC's Planning & Program
Development Department published quarterly through 1994 and biannually
beginning in 1995 (usually referred to as "the Indicators")
ABSN--Alaska
Building Science Network: organization that provides weatherization and
energy-efficient construction training and education
Abstract of Title
a history of the title to a
piece of property, with all conveyances, transfers, encumbrances, and
liens.
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Bad Faith
Lack of honesty and trust.
Bad faith can by asserted as a cause of action for breach of contract
claims.
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Bad Title
Legal document that is
insufficient to transfer ownership.
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Broker
Agent who negotiates sales
and other agreements between parties for a commission or fee.
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Casualty Loss
A tax law term referring to
the destruction of assets by a single catastrophic event, such as a
tornado, flood, or auto accident.
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Caveat Emptor
"Buyer beware." In a
commercial transaction, the buyer assumes the risk for the condition of
the items being sold, except where protected by warranties or product
liability laws.
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Convey
To transfer or deliver
something from one person to another.
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Clear Title
A title that is free from
any restriction or legal or monetary obligation, which would prevent its
sale.
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Contract
A formal agreement between
two parties, in which an offer is made and accepted, and both sides
benefit.
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Appraisal
A written estimate of a
property's current market value completed by an impartial party with
knowledge of real estate markets.
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Assumption
A method of selling real
estate where the buyer of the property agrees to become responsible for
the repayment of an existing loan on the property.
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Alternative Documentation
A method of
documenting a loan file that relies on information the borrower is
likely to be able to provide instead of waiting on verification sent to
third parties for confirmation of statements made in the application.
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BEES--Building
Energy Efficiency Standard (pronounced
bees): A rating to show that a newly constructed home meets the
state's minimum energy requirements. A house must have a minimum of a
4-star plus rating and a level C air leakage, and the builder must
certify that the home has sufficient ventilation.
BBB--Better
Business Bureau
Bona Fide
In good faith.
BTC--Building Technology
Certificate: A certificate of compliance with an AHFC approved Building
Technology Program: e.g. Alaska Craftsman Home Program. |
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Buy-Down Mortgage
A mortgage loan with a
below-market rate for a period of time.
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Ceiling
The maximum allowable
interest rate of an adjustable rate mortgage.
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Certificate of Veteran Status
FHA form filled out by the
VA to establish a borrower's eligibility for an FHA Vet loan. Obtainable
through local VA office by submitting form DD 214 (Separation Paper)
with form 26-8261a (request for certificate of veteran status).
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Chain of Title
The chronological order of
conveyance of a property from the original owner to the present owner.
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Closing (or Settlement)
The settlement or closing is
the conclusion of your real estate transaction. It includes the delivery
of your security instrument, signing of your legal documents and the
disbursement of the funds necessary to the sale of your home or loan
transaction (refinance).
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Conventional Loan
Loans that are not made
under any government housing program; they are not subject to the
restrictions of government housing programs, such as loan size limits.
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Discount Points (or Points)
Points are an up-front fee
paid to the lender at the time that you get your loan. Each point equals
one percent of your total loan amount. Points and interest rates are
inherently connected: in general, the more points you pay, the lower the
interest rate you get. However, the more points you pay, the more cash
you need up front since points are paid in cash at closing.
EHOP--Equal
Housing Opportunity Plan (pronounced e-hop) |
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Federal
Home Loan Mortgage Corporation (FHLMC, or Freddie Mac)
This agency buys loans that
are underwritten to its specific guidelines. These guidelines are an
industry standard for residential conventional lending.
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Federal
Housing Administration (FHA)
A federal agency within the
Department of Housing and Urban Development (HUD), which insures
residential mortgage loans made by private lenders and sets standards
for underwriting mortgage loans.
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FHA
Loans
Fixed- or adjustable-rate
loans insured by the U.S. Department of Housing and Urban Development.
FHA loans are designed to make housing more affordable, particularly for
first-time homebuyers. FHA loans typically permit borrowers to buy a
home with a lower down payment than conventional loans. With FHA
insurance, eligible buyers can purchase a home with a down payment as
little as 3% of the appraised value or the purchase price, whichever is
lower. FHA borrowers typically are required to participate in a
face-to-face meeting with their lender or a government approved mortgage
counselor prior to closing on a new mortgage loan. The current FHA loan
limits vary depending on home type and home location. To find the most
recent limits for your home, consult the FHA Maximum Mortgage Limits web
page.
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HUD-1 Uniform Settlement
Statement
A standard form which
itemizes the closing costs associated with purchasing a home or
refinancing a loan.
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Mortgage Insurance
Insurance to protect the
lender in case you default on your loan. With conventional loans,
mortgage insurance is generally not required if you make a down payment
of at least 20% of the home's appraised value. (Note, however, that FHA
and VA loans have different insurance guidelines.)
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Private Mortgage Insurance (PMI)
Insurance to protect the
lender in case you default on your loan. With conventional loans,
mortgage insurance is generally not required if you make a down payment
of at least 20% of the home's purchase price. (Note, however, that FHA
and VA loans have different insurance guidelines.)
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Title Search
Examination of municipal
records to ensure that the seller is the legal owner of a property and
that there are no liens or other claims against the property.
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VA Loans
Fixed-rate loans guaranteed
by the U.S. Department of Veterans Affairs. They are designed to make
housing affordable for eligible U.S. veterans. VA loans are available to
veterans, reservists, active-duty personnel, and surviving spouses of
veterans with 100% entitlement. Eligible veterans may be able to
purchase a home with no down payment, no cash reserve, no application
fee, and lower closing costs than other financing options. The maximum
VA loan amount is currently $203,000.
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Walk-through
A final inspection of a home
to check for problems that may need to be corrected before closing.
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Inspections & Energy Ratings, LLC All Rights Reserved
Contact the
webmaster for technology related questions or comments
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Inspections,
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