Hampton Roads Map,

PACKAGE MORTGAGE
A method of financing in which the loan that finances the purchase of a home also finances the purchase of personal items such as a washer and dryer, refrigerator, stove and other specified appliances.

COVENANTS RUNNING WITH THE LAND
Covenants which become part of the property and benefit or bind successive owners of the property.

RETALIATORY EVICTION
An act whereby a landlord evicts the tenant in response to some complaint made by the tenant.

CAP RATE (CAPITALIZATION RATE)
The percentage selected for use in the income approach to valuation of improved property. The cap rate is designed to reflect the recapture of the original investment over the economic life of the improvement, to give the investor an acceptable rate of return (yield) on the original investment, and to provide for the return on borrowed capital.

DUE-ON-SALE CLAUSE
Provision in a mortgage or deed of trust allowing the lender to demand immediate payment of the loan balance upon sale of the property.

FEDERAL HOUSING ADMINISTRATION (FHA)
The FHA was set up in1934 under the National Housing Act to encourage improvement in housing standards and conditions, to provide an adequate home financing system by insurance of housing mortgages and credit, and to exert a stabilizing influence on the mortgage market.

HOLDOVER TENANT
One who stays on the leased premises after his lease has expired. The landlord normally has the choice of evicting the holdover tenant or permitting him to remain and continue to pay rent.

DISCOUNT POINTS
An added loan fee charged by a lender to make the yield on a lower-than-market interest VA or FHA loan competitive with higher interest conventional loans.

DOWN PAYMENT
The amount of your home's purchase price you need to supply up front in cash to get your loan. For conventional loans, you should strive for a down payment that's at least 20% of your home's value, since lenders generally do not require private mortgage insurance with a down payment of at least 20% of your home's purchase price. (Note, however, that FHA and VA loans have different policies regarding insurance.)

DEFAULT
Failure to fulfill a duty or promise or failure to perform any obligation or required act. The most common occurrence of default on the part of a buyer or lessee is non-payment of money.

NEGOTIABLE INSTRUMENT
Any written instrument which may be transferred by endorsement or delivery so as to vest legal title in the transferee.

DEPRECIATION (TAX)
For tax purposes, depreciation is an expense deduction taken for an investment in depreciable property.

PREPAYMENT
Full or partial repayment of the principal before the contractual due date.

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