Frost Mortgage Banking Group Glossary of Terms

A mortgage 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 mortgage.

Government Mortgage

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 program formerly administered by Fannie Mae. Popularly known as Ginnie Mae.

Government National Mortgage Association

The person to whom an interest in real property is conveyed.

Grantee

The person conveying an interest in real property.

Grantor

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.

Ground Rent

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.

Group Home

A fixed-rate mortgage that provides scheduled payment increases over an established period of time, with the increased amount of the monthly payment applied directly toward reducing the remaining balance of the mortgage.

Growing-Equity Mortgage (GEM)

A mortgage that is guaranteed by a third party.

Guarantee Mortgage

Also known as a government mortgage.

Guaranteed Loan