Offer
Indication by a potential buyer of a willingness to purchase a home at a specific price generally put forth in writing.

Rehabilitation mortgage
A mortgage that covers the costs of rehabilitating repairing or Improving a property some rehabilitation mortgages - like the FHAs 203k - allow a borrower to roll the costs of rehabilitation and home purchase into one mortgage loan.

Down payment
The portion of a homes purchase price that is paid in cash and is not part of the mortgage loan.

Default
The inability to pay monthly mortgage payments in a timely manner or to otherwise meet the mortgage terms.

Principal
The amount borrowed from a lender doesnt include interest or additional fees.

Pre-foreclosure sale
Allows a defaulting borrower to sell the mortgaged property to satisfy the loan and avoid foreclosure.

Ginnie Mae Government National Mortgage Association
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.

Cooperative Co-op
Residents purchase stock in a cooperative corporation that owns a structure each stockholder is then entitled to live in a specific unit of the structure and is responsible for paying a portion of the loan.

Radon
A radioactive gas found in some homes that if occurring in strong enough concentrations can cause health problems.

Mortgage
A lien on the property that secures the Promise to repay a loan.