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Law Office of William F. Scofield
William F. Scofield, LLC Attorney at Law
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Glossary
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Ginnie Mae (GNMA)
Government National Mortgage Association (GNMA); 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
A formal estimate of the fees and charges which the borrower must pay at the closing. Lenders are required to provide a Good-Faith Estimate at the time the commitment is issued.
 
Grantee
The person or entity to whom an interest in real property is conveyed.
 
Grantor
The person or entity conveying an interest in real property.
 
Gross Monthly Income
The total amount the borrower earns per month, before any expenses are deducted. Calculated by taking annual gross income and dividing by twelve not by adding two bi-weekly paycheck gross amounts.
 
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