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FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA, OR FANNIE MAE) This agency buys loans that are underwritten to its specific guidelines. These guidelines are an industry standard for residential conventional lending. PRE-APPROVAL The process of determining how much money a prospective homebuyer or refinancer will be eligible to borrow prior to application for a loan. A pre-approval includes a preliminary screening of a borrower's credit history. Information submitted during pre-approval is subject to verification at application. DISTRAINT The right of a landlord, pursuant to a court order, to seize a tenants belongings for rents in arrears. FUNCTIONAL OBSOLESCENCE A loss in value of an improvement due to functional inadequacies, often caused by age or poor design. RISK OF LOSS Responsibility for damages caused to improvements. The risk of loss passes to the vendee when either title or possession passes, and he should protect himself by securing proper insurance. |
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Chesapeake Virginia Real Estate Agent, Realtor In Chesapeake www.chesapeakeva-re.com Chesapeake Virginia Homes |
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Virginia Beach Real Estate Agent, Realtor In Va Beach www.virginiabeachva-re.com Virginia Beach Virginia Homes |
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