A complete historical summary of all recorded documents affecting the title of a designated parcel of real estate.

A provision in a mortgage or note providing that the entire principal balance shall become immediately due and payable in the event of default or other predetermined event.

The use of a building, structure, or land that is subordinate to, customarily incidental to, and ordinarily found in association with, the principal use it serves. ?

A formal declaration by a person (notary) that a party did, in fact, sign a document voluntarily.

43,560 square feet (about the size of a football field).

Software program that allows HUD’s business partners to submit their Previous Participation Certification (form 2530) request to HUD for processing via the Internet.

Latin for “According to value.” Real Estate taxes are known as Ad Valorem taxes.

A mortgage instrument in which the interest rate adjusts periodically according to a predetermined index and margin.

Under the Equal Credit Opportunity Act, adverse action occurs when a completed application is submitted to a lender and the credit request id denied or not approved for the amount or term requested by the applicant.

In general, housing for which the occupant(s) is/are paying no more than 30 percent of his or her income for gross housing costs, including utilities. Please note that some jurisdictions may define affordable housing based on other, locally determined criteria, and that this definition is intended solely as an approximate guideline or general rule of thumb.

A competitive program of the Federal Home Loan Bank (FHLBanks) system that provides grants twice a year through financial institutions for investment in low- or moderate-income housing initiatives. The program is flexible, so that AHP funds can be used in combination with other programs and funding sources, thus promoting a project’s feasibility.

A nationwide survey designed to provide communities with a fresh look at how they are changing. It is a critical element in the Census Bureau’s reengineered 2010 census plan. The ACS collects information such as age, race, income, commute time to work, home value, veteran status, and other important data from U.S. households.

Contains data on apartments, single-family homes, mobile homes, vacant homes, family composition, income, housing and neighborhood quality, housing costs, equipment, fuels, size of housing units, and recent movers. National data are collected every other year, from a fixed sample of about 50,000 homes, plus new construction each year. The survey started in 1973 and has relied on the same sample since 1985, allowing users to view statistical changes in homes and households over the years. In some metropolitan areas, additional samples (every four to six years) measure local conditions.

Repayment of a debt in periodic installments of principal and interest resulting in payment in full at the end of the loan term.

A review of impediments or barriers that affect the rights of fair housing choice. It covers public and private policies, practices, and procedures affecting housing choice. The AI serves as the basis for fair housing planning, provides essential information to policymakers, administrative staff, housing providers, lenders, and fair housing advocates, and assists in building public support for fair housing efforts.

Section 8 of the U.S. Housing Act of 1937 provides for annual rent adjustments for housing units assisted under this section. HUD develops the rent adjustment factors, called AAFs, on the basis of Consumer Price Index (CPI) data on changes in residential rent and utility costs. HUD publishes the AAFs annually in the Federal Register.

Annual contracts with Public Housing Authorities for payments toward rent, financing debt service, and financing for modernization.

The HOME Program allows the use of three income definitions for the purpose of determining applicant eligibility:
    -  Annual income as defined in the Code of Federal Regulations (24 CFR 5.609);
    -  Annual income as reported under the Census Long Form for the most recent decennial census; or
    -  Adjusted gross income as defined for purposes of reporting under Internal Revenue Service (IRS) Form 1040 series for individual federal annual income tax purposes.
The definitions are collectively referred to as “annual income” and are also used in the Community Development Block Grant (CDBG) Program.

Total finance charges - including interest, loan fees, points and other charges - expressed as a percentage of the total amount of the loan. Under the Federal Truth-In-Lending Act (Regulation “Z”), the APR must be disclosed to the borrower within 3 business days of receipt of a loan application.

A state provision that prohibits a lender from requiring an applicant to obtain hazard insurance through a particular company.

Payment of an obligation at the end of the period for which it is due or levied; the opposite of payable in advance. Mortgage interest and real estate taxes are generally paid in arrears.

The act of preparing a report by a qualified appraiser setting forth an opinion or estimate of value. The most common type of appraisal for residential properties is the Comparable Sales Approach. Two other appraisal techniques are the Cost Approach and the Income Approach. An appraisal is usually ordered by the lender or the Mortgage Broker.

An increase in property value caused by economic factors; the opposite of depreciation.

The value placed on property for the purpose of taxation.

A levy placed against property for a special purpose.