Definition
Gift Funds
Money given by an eligible donor toward down payment or closing costs, documented with a gift letter confirming no repayment is expected.
Nearby terms
Fully Indexed Rate
On an ARM, the index value plus the margin — the rate that applies once the initial fixed period ends, subject to caps.
Funding Fee
A one-time charge on VA loans, payable in place of ongoing mortgage insurance and waived for some disabled veterans.
Ginnie Mae
The Government National Mortgage Association, which guarantees securities backed by government-insured loans including FHA and VA.
Good Faith Estimate
The predecessor to the Loan Estimate, replaced for most mortgages in 2015.
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