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BANKRUPTCY A proceeding in a federal court to relieve certain debts of a person or a business unable to pay its debts. QUITCLAIM DEED A deed of conveyance which operates, in effect, as a release of whatever interest the grantor has in the property; sometimes called a release deed. FHA LOANS Fixed- or adjustable-rate loans insured by the U.S. Department of Housing and Urban Development. FHA loans are designed to make housing more affordable, particularly for first-time homebuyers. FHA loans typically permit borrowers to buy a home with a lower down payment than conventional loans. With FHA insurance, eligible buyers can purchase a home with a down payment as little as 3% of the appraised value or the purchase price, whichever is lower. FHA borrowers typically are required to participate in a face-to-face meeting with their lender or a government approved mortgage counselor prior to closing on a new mortgage loan. The current FHA loan limits vary depending on home type and home location. To find the most recent limits for your home, consult the FHA Maximum Mortgage Limits web page. LETTER OF CREDIT An agreement or commitment by a bank("issuer") made at the request of a customer ("account party")that the bank will honor drafts or other demands of payment from third parties ("beneficiaries") upon compliance with the conditions specified in the letter of credit. VARIABLE RATE MORTGAGE See Adjustable Rate Mortgage. PROCURING CAUSE That effort which brings about the desired result, as in producing the buyer for the listed property. |
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