About North Carolina Real Estate

head_left_image

Talk the Talk- Real Estate Acronyms and Abbreviations

My buyer agent, Kristen Houston,  asked me to share this on my Active Rain Blog.  We hope you find this to be useful information.

 

Talk the Talk

Real Estate Acronyms and Abbreviations

By Kristen Houston - The Powell Team

 

Knowing the lingo is important when buying or selling your home.  Many real estate agents are so used to using acronyms in every transaction that they forget most people have no idea what they are referring to.  In addition, recent federal updates to settlement and closing procedures have changed many of the standard documents.  So you may hear different people you are working with {lender, real estate agent, closing attorney, etc.} use a mixture of old and new terms throughout your transaction.

 

Here are some acronyms that you will most like hear in reference to loan application, settlement and closings:

CFPB: Consumer Financial Protection Bureau

TILA: Truth in Lending Act

RESPA: Real Estate Settlement Procedures Act

TRID: TILA-RESPA Integrated Disclosure

HUD: Department of Housing and Urban Development

            HUD-1 Settlement Statement **Still used in cash transactions**

CD: Closing Disclosure **Replaced HUD-1 Settlement Statement in financed residential transactions**

            BCD: Buyer Closing Disclosure

            SCD: Seller Closing Disclosure

ALTA: American Land Title Association

            ALTA Settlement Statement – Combined

GFE: Good Faith Estimate

LE: Loan Estimate  **Replaced Good Faith Estimate**

 

Types of financing:

FHA: Federal Housing Administration

VA: Veterans Administration

USDA: United States Department of Agriculture

CONV: Conventional

FNMA: Federal National Mortgage Association ** Fannie Mae**

FHLMC: Federal Home Loan Mortgage Corporation **Freddie Mac**

GNMA: Government National Mortgage Association ** Ginnie Mae**

ARM: Adjustable Rate Mortgage

FRM: Fixed Rate Mortgage

HELOC: Home Equity Line of Credit

 

Other acronyms that you could hear in reference to your transaction:

MLS: Multiple Listing Service **Database used by Realtors to collect and share property listings**

HOA: Home Owner’s Association

HOI: Home Owner’s Insurance

CMA: Comparative Market Analysis

FSBO: For Sale by Owner

FROG: Finished Room Over Garage

 

Contact The Powell Team today if we can assist in your real estate transaction!

 

 

 

 

Comment balloon 3 commentsCheryl Powell - The Powell Team • February 04 2016 03:49PM
Talk the Talk- Real Estate Acronyms and Abbreviations
share
My buyer agent, Kristen Houston, asked me to share this on my ActiveRain Blog. We hope you find this to be useful information. Talk the Talk Real Estate Acronyms and Abbreviations By Kristen Houston - The Powell Team Knowing the lingo is… more
Dave Liniger's Top 10 Housing Predections for 2013… was he right?
share
Here we are at the beginning of another year, a time to reflect on the past year and make plans for the year to come. Most would agree that 2013 was a year of great improvement in the US Real Estate market and are hopeful that 2014 will be… more
When can I get another mortgage after bankruptcy-short sale…
share
If you or someone you know have had financial challenges such as a bankruptcy, foreclosure, short sale, deed in lieu of foreclosure or consumer credit counseling, you may be wondering WHEN CAN I GET ANOTHER MORTGAGE? I get this question almost… more
USDA Rural Development Loan News - Eligibility Map Changes Postponed
share
View RSS feed close [x] UPDATE May 30, 2014 For more that 2 years USDA has been setting and then postponing the implementation date… more
New Home Loan Waiting Periods After Bankruptcy, Short Sale,…
share
Have you had a Bankruptcy, Foreclosure, Short Sale or Deed in Lieu of Foreclosure and are wondering how long you have to wait before you can obtain a new home loan? Here are the guidelines as of Februrary 2011, which I verified with a loan officer… more
Concord NC $5, 000 Downpayment Assistance Program
share
This Down Payment Assistance Program is provided through the City of Concord's Business and Neighborhood Services Division, which receives HOME Investment Partnership Funds, allocated annually through the Department of Housing and Urban Development.. more
FHLB Grant for NC 1st Time Homebuyers Down Payment Assistance
share
Many people haven't heard of the FHLB (Federal Home Loan Bank) grant program for 1st time home buyers in North Carolina, so I thought I'd share information about this great program. Similar programs may be available in other states. This… more
Short Sale- Avoid Foreclosure
share
If you are having difficulties paying your mortgage and are considering walking away from your home, you owe it to yourself and your future to consider a short sale instead of letting the bank foreclose. Contact a Realtor who is a short sale… more
BB&T's 100% Financing, No PMI "CHIP" Loan
share
Since the mortgage crisis started in the Spring of 2008, 100% financing loan programs have become few and far between. Here are a few details of a relatively new program that BB&T is offering, it seems like a great program for qualifying buyers… more
Cabarrus County & Concord NC - USDA Rural Development Home Loans
share
News Channel 36 did a report on USDA Rural Development loans last night. It said that the program is "little known", but I've known about it and helped my clients utilize the program for years. The USDA Rural Development agency.. more