A letter from a relative stating that an amount will be gifted to the buyer, and that said amount is not to be repaid.

Called Ginnie Mae; a governmental part of the secondary market that deals primarily in recycling VA and FHA mortgages, particularly those that are highly leveraged.

A residential mortgage with monthly payments that start at a low level and increase at a predetermined rate.

Graduate, Realtors Institute. A professional designation granted to a member of the National Association of Realtors® who has successfully completed courses covering Law, Finance and Principles of Real Estate.