Glossary

Affiliated Business Arrangement Disclosure - When a settlement service provider refers business (related to a real estate settlement service involving a federally related mortgage loan) to another settlement service provider with whom it has either an affiliate relationship or a direct or beneficial ownership interest (of more than 1%), the referring provider must give the consumer, at or prior to the time of the referral, an Affiliated Business Arrangement Disclosure detailing the business arrangement between the two providers and an estimate of the second provider's charges. The referring party may not require the consumer to use the particular provider being referred, except where a lender refers a borrower to an attorney, credit reporting agency, or real estate appraiser who represents the lender's interest in the transaction.

Annual Percentage Rate (APR) - The total yearly (annual) cost of a mortgage. This is stated as a percentage of the loan amount, and it includes interest, discount points and fees.

Apartment Style Housing - A form of multi-family housing where building entrances, stairways, halls, and other common elements are shared among several units. Garden apartments, stacked flats, and mid-rise and high-rise buildings are common examples.

Application Fee - The cost for reviewing and processing an application.

Appreciation - To increase in value or price.

Appraisal - A professional's estimate and opinion of the market value of a property. An appraisal involves an analysis of local market data and the characteristics of a property to establish a professional opinion of its current market value.

Arrears - Debts that are overdue. Failure to have fulfilled contracted -financial obligations. See Repayment Plan

Asbestos - A mineral fiber formerly used in building products as a fire retardant, insulation, strength or texture. A known carcinogen, asbestos is no longer used, but still exists in many older homes and may be a health threat if disturbed during such actions as renovations.

Assets - All property of a person or a business that can be applied to cover liabilities.

Assumption - The transfer of the seller's existing mortgage to the buyer, typically requiring the buyer to purchase the seller's equity and it's obligations.

Attached - A one-family dwelling connected to two or more dwellings by common walls or floors. Attached houses can be side-by-side, such as "rowhouses," over-under, or back-to-back. Attached houses may be sold as fee simple or condominium properties.

Back-End Ratio - A ratio that compares the total of all monthly debt (mortgage, restate taxes and insurance, car loans, and other consumer loans) with monthly income.

Bankruptcy - The financial inability to pay one's debts when due. The debtor seeks relief through court action that may work out or even erase debts. Bankruptcy proceedings are supervised by and litigated in the United States Bankruptcy Courts. A trustee is appointed by the court to supervise the assets of the debtor. After a bankruptcy proceeding is filed, creditors, for the most part, may not seek to collect their debts outside of the proceeding.

Better Business Bureau - Provides reports on businesses and charities to help consumers and donors make informed decisions.

Boundary(ies) - The limits or borders of a particular location or property.

Buyer's Agent - A real estate professional who represents the buyer's interest in the total real estate transaction. A buyer's agent often requires the buyer to enter into a contract with the agent that makes the buyer responsible for the agent's fee. Although the payment of the agent's fee is negotiable, the buyer's agent typically receives a share of the sales commission paid by the seller.

Capitalization - The process of applying delinquent amounts to the outstanding principal balance of a mortgage.

Certificate of Eligibility - A certificate is issued by the Veterans Administration to those who qualify for a Veterans Administration (VA) loan.

Closing Costs - The total costs of completing the transfer of ownership of the property, other than the purchase price. Typical closing costs include charges for obtaining the mortgage loan, title insurance, legal fees, fees for real estate professionals, prepayment of taxes and insurance, and real estate transfer taxes. A common estimate of closing costs is 2 to 7 percent of the purchase price of the home.

Collateral - An object of value pledged by a borrower to a lender to secure a loan. If the borrower fails to meet the loan's repayment terms, the lender may take possession of the pledged asset to recover it's losses. The value of the property that the potential homebuyer wishes to purchase is considered collateral in the mortgage application process.

Compromise Offer - The term often used when discussing VA pre-foreclosure sales. A compromise agreement allows the VA (Veterans Administration) to pay the lender or servicer the difference between the sales proceeds and the mortgage balance (but not in excess of the original guarantee). This type of compromise agreement is often appropriate when the property value is less than the loan balance.

Condominium - A form of ownership in which the homeowner holds title to an individual dwelling unit and an interest in the common elements, which are owned jointly with the other dwelling-unit owners.

Construction Liens - A claim for payment by one who does work or supplies material for the construction or improvement of a home or building. If not paid, the claimant can demand the sale of the property for the amount of money owed. **Or a charge, security, or encumbrance upon property for payment of a claim for money owed or a debt to one who has done, and for, work or supplied materials for the construction or improvement of a home or other building. Depending on the applicable state or local law, if the claim is not paid, the claimant or lienor can demand the sale of the property to recover them money owed.

Contingencies - A clause in the purchase contract that describes certain conditions that must be met before the contract is binding. The buyer or seller may include contingencies in the contract for any legal purpose, both parties must accept the contingencies.

Conventional Mortgage - Any mortgage that is not insured or guaranteed by the federal government or any private mortgage insurance entity.

Counter(ing) - A response to a purchase offer that rejects all or part of the original purchase offer, but continues the negotiations in an attempt to reach an acceptable sales contract.

Credit - A form of trust between a lender and a borrower. If the lender believes that a prospective borrower has both the ability and the willingness to repay money, then credit may be granted. The borrower is expected to live up to that responsibility and repay the lender.

Credit Bureau/Credit Reporting Agency - A credit-reporting agency that stores and maintain consumer credit histories and provides financial information about potential borrowers to lenders. Information in a credit file is obtained from lenders, banks, court records, and other sources. Also known as a national credit repository. Currently, there are three reporting agencies: Equifax, Experian (formerly TRW) and TransUnion.

Credit Check - The process of requesting a credit report by a lender on an individual or individuals for review as part of a loan processing. See Credit Report for more information.

Credit History - The pattern of a borrower's loan repayment that is built over time and obtained from a credit bureau report.

Credit Report - A report prepared and maintained by credit bureaus that contains information about a borrower's credit history and status. A credit report will usually show past loans, credit cards, and payment patterns, and will include notice of any collections. A lender or servicer will use a credit report to evaluate a loan applicant's credit worthiness. Also called a Consumer Credit Report or Consumer Report .

Credit Score - A number, calculated by computer software, containing a scoring model. The score is based solely on information in the borrower's credit report and represent a person's likelihood of repaying the loan on time. Credit scores are based on information such as past payment behavior, level of indebtedness and length of credit history.

Date of Settlement - This is the day the homebuyer and seller meet with the closing agent, who conducts the settlement, to ensure that all the required property transfer papers and loan documents are accurate, and are fully signed by each party to the transaction. After making necessary adjustments for credits, taxes, transaction costs, and the like, the closing agent is responsible for collecting money from the homebuyer, paying out money to the seller, and recording the deed among the land records, together with any mortgage liens or deeds of trust.

Deed-in-Lieu of Forclosure - Allows the homeowner to voluntarily sign-over their property to the foreclosing lender or servicer to stop the foreclosure process. This document transfers the title of the property to the lender/servicer. This process is usually done when the homeowner believes the property is not worth saving or there isn't any equity or the property has negative equity.

Deeds of Trust - An alternative to a mortgage. In a deed of trust, a third party (the trustee) holds the deed of the property as security until the buyer repays the loan. There is little practical difference between a deed of trust and a mortgage, except in the case of the buyer's default on the loan. In most deeds of trust, there is a power of sale clause that allows the trustee to sell the property in default, without the requirement of a court-ordered foreclosure proceeding. Default occurs as soon as a payment is missed. Use of the deed of trust varies by state.

Default - The failure to make mortgage loan payments according to the terms of the loan. Usually a loan is considered delinquent if no payment is received 30 days after the due date, and in default after 60 or 90 days. The rights of the lender in a defaulted loan are written in the mortgage note and include the right to begin foreclosure proceedings. Default provisions are different if a deed of trust covers the loan.

Delinquency - A loan in which payment has not been made by the due date. A lender or servicer may assess a late charge if payment is not made by the 15th date after the payment's due date.

Department of Housing and Urban Development - Also referred to as HUD. Also referred to as HUD, the Department of Housing and Urban Development is the federal agency responsible for national policy and programs that addresses America's housing needs, improves and develops the Nation's communities, and enforces fair housing laws. The primary programs administered by HUD are mortgage and loan insurance through the Federal Housing Administration and Fair Housing education and enforcement.

Disclosure - Usually refers to providing information about a property for sale, especially as it represents actual or potential defects or problems. "Full disclosure" usually refers to the responsibility of the seller to voluntarily provide all known information about the property. Some disclosures may be required by law, i.e. The federal requirement to warn of potential lead-based paint hazards in pre-1978 housing. Disclosure laws vary by state.

Discount Points - See Points .

Down Payment - Money paid by the buyer to the lender at the time of closing. The amount of the down payment is the difference between the sales price and the mortgage loan. Down payment requirements vary by loan type. A smaller down payment, less than 20%, usually requires mortgage insurance. Discuss with your lender the amount of money that is necessary for your down payment according to the type of mortgage loan and other programs that may be available to you.

Dual Agents - Action by an agent (in a principal/agent relationship,) resulting in the agent representing the third party and, thus, creating two principals. A principal/agent relationship establishes a fiduciary relationship (which means that the agent owes his or her loyalty to the principal,) and for that reason, dual agency presents an inherent conflict in that relationship. All states require that "dual agency" must be disclosed to all parties involved in the transaction, and in most states, the real estate licensing law prohibits a licensee from representing both, the buyer and seller, in the same transaction. Additionally, this form of agency offers a reduced level of service and should never be considered, unless you are very knowledgeable about real estate

Earnest Money Deposit - A deposit made by the buyer, as evidence of good faith in offering to purchase real estate and to secure performance of the contract. Earnest money is typically held in an escrow account (by a title company) during the period between acceptance of the contract and the closing. If the sale goes through, the earnest money is usually applied against the down payment. If the sale does not go through, the earnest money will be forfeited or lost, unless the agreement-of-sale expressly provides that it is refundable.

Easements - Legal right of access to or use of a property or use by a specific person(s) or certain groups for specific purposes. Easements may affect property values and sometimes are granted after a monetary exchange. Easements are sometimes a part of the deed or can be part of a master document recorded in the public records and transfer to a new property owner. Also known as right of way.

Encumbrances - An obstruction or hindrance. Something that may be an impediment to clear the title to the property.

Energy Efficient Mortgage - Allows the borrower a larger loan amount for necessary home improvements to make the home more energy efficient or for energy-saving improvements that result in lower utility bills and greater income to make loan payments. Energy efficiency should be verified by home energy rating systems (HERS) or a certified energy consultant.

Entry and Possession Foreclosure - A type of foreclosure in which the lender or servicer enters onto the property and takes physical possession of it. This type of foreclosure is used only in four states.

Environmental Abatement - To remove or lessen the risk of exposure to environmentally hazardous material.

Equifax - One of three credit-reporting agencies that provides financial information about potential borrowers to lenders. Information in a credit file is obtained from lenders, banks, court records, and other sources. See Credit Bureau .

Equity - The value of the property, less the loan balance and any outstanding liens or other debts against the property. Equity represents the amount of the property the homeowner actually owns.

Escrow Account Operation and Disclosure - Funds held by a neutral third party (the escrow agent) until certain conditions of a contract are met and the funds can be paid out. Examples of funds held in escrow are the earnest money paid by a buyer until the sale is closed; payment of property taxes and homeowner's insurance.

Experian (formerly TRW) - One of three credit-reporting agencies that provides financial information about potential borrowers to lenders. Information in a credit file is obtained from lenders, banks, court records, and other sources. See Credit Bureau.

FHA - A mortgage insured by the Federal Housing Administration of the United States Department of Housing and Urban Development and made by an approved lender or servicer in accordance with the FHA/HUD regulations.

Final Walk-Through - A final inspection of the property by the buyer and/or the buyer's agent, to determine that the property is as described in the purchase agreement. This inspection will confirm that any contingencies specified in the agreement, such as repairs, were completed; that all fixture and non-fixture property is in place; and, if specified in the contract, confirm that electrical, mechanical and plumbing systems are in working order and that the property is in working order and is "broom clean." The walk-through is typically conducted right before the closing.

Finance Charge - The total dollar amount charged to use credit. It includes interest costs and other costs.

Foreclosure - The legal process that allows a lender to sell a mortgaged property to recover losses when the owner defaults on the loan. The phases involved in the foreclosure process depend on the type of foreclosure undertaken and on the statutes of each state. The most common type of foreclosure in most states is "foreclosure by sale." "Foreclosure by sale" takes two general forms: (1) foreclosure by judicial sale, and (2) foreclosure by power of sale (also knows as foreclosure by advertisement). While procedures differ from state to state, under a foreclosure by judicial sale, a petition is usually filled with the court against the defaulting mortgagor and all persons having junior lien interests in the property. The petition states the nature of the default, the amount due, and the property involved

Front-End Ratio - A ratio that compares a borrower's total monthly expenses for housing (mortgage principal and interest, real estate taxes, and insurance) with his/her gross monthly income.

FHA Loan - A mortgage that is insured by the Federal Housing Administration.

FHA/HUD Insured Mortgages - A mortgage insured by the Federal Housing Administration of the United States Department of Housing and Urban Development and made by an approved lender or servicer in accordance with the FHA/HUD regulations.

Good Faith Estimate - A written estimate of closing costs, which a lender must provide the homebuyer within three days of submitting an application.

Gross Monthly Income - Total income earned or received before deductions and taxes. This income is expected to continue on a regular basis from all identified sources.

HOA - Home Owners' Association. An association made up of all the property owners within a defined community, development, neighborhood or complex. Typically, all property owners are required to be members and to pay dues. The primary function of the owners association is to own and manage all community facilities and common area and to enforce community rules and covenants. Also called a community association, homeowners association, neighborhood association, or property owners association.

Home Equity Loan - A form of loan available to homeowners which uses the home as collateral. When homeowners accept a home equity loan, they are borrowing against the value of their home. Interest on the loan may be tax deductible.

Home Inspection - The professional inspection of a home, to evaluate the home's overall quality, safety and soundness, as well as the potential for future problems. The homebuyer typically pays the home inspection fees.

HUD-1 Settlement Statement - See Settlement Statement .

Indemnification - To save harmless, secure against loss or damage, compensate or give security for reimbursement for loss or damage incurred. A homeowner can, and should, negotiate for inclusion of an indemnification provision in a contract with a general contractor or for a separate indemnity agreement protecting the homeowner from harm, loss, or damage caused by actions or omissions of the general contractor and all subcontractors.

Indemnity - Security against hurt, loss, or damage. An exemption from incurred penalties or liabilities (Merriam-Webster's collegiate dictionary).

Inspections - To perform formal, official and careful reviews of the contracted property.

Interest - A percentage of the loan money that is charged to the borrower. It represents the cost of borrowing the money.

Interest Rates - A percentage of the loan money that is charged to the borrower. A home loan may entail several forms of interest.

Judicial Foreclosure - The type of foreclosure which the lender or servicer has to file an action with the court to obtain a judicial decree authorizing the foreclosure sale. The lender or servicer must prove that there is a valid mortgage between the parties, that the borrower is in default of the mortgage and that the proper procedure has been followed.

K-1 Schedule - A partner's share of income (loss) from an electing partnership.

Late Payment Charges - The penalty the homeowner must pay when a mortgage payment is made after the due-date grace period.

Lead - A hazardous metal that is often found in lead paint, plumbing pipes and solder in homes built before 1978. Lead is a health threat, especially to young children.

Lead Inspection - A surface-by-surface investigation to determine the presence of lead-based paint in a home. More information can be found in chapter 7 of the HUD's "guidelines for the evaluation and control of lead-based paint hazards in housing." (u.s. environmental protection agency).

Liability(ies) - Something owed to another, ie: debt.

Lien - A claim of money against a property, wherein the value of the property is used as security in repayment of a debt. Examples include a mechanic's lien, which might be for the unpaid cost of building supplies, or a tax lien for unpaid property taxes. A lien is a defect on the title and needs to be settled before transfer of ownership. A lien release is a written report of the settlement of a lien and is recorded in the public record as evidence of payment.

Lien Waivers - Intentional or voluntary relinquishment of a known lien. Most modern real estate sales contracts contain a clause, which states that no waiver, or modification of the contents of the contract, can occur without the written consent of all parties to the contract.

A receipt that protects the homeowner from paying for the same job twice. This receipt is given to the homeowner upon the first payment on the contract.

Lis-Pendens - A notice of lis pendens is a notice that a suit has been filed which has an interest in the property on which the notice has been filed.

Loan-to-Value Ratio (LTV) - The percent of the appraised value of a property or the sales price of that property, whichever is lower, that may be loaned. Property Price (or Appraised Value of Property) - Loan Amount = Buyer's Down Payment Amount

Locking in Rates - A written guarantee that the buyer will receive a specified interest rate, provided that the loan "closes" within a set period of time.

Market Value - The amount a willing buyer would pay a willing seller for a home. An appraised value is an estimate of the current fair market value.

Mortgage/Deed of Trust - A security agreement between the lender and the buyer in which the property is collateral for the loan. The mortgage gives the lender the right to collect payment on the loan and to foreclose if the loan obligations are not met.

Mortgage Insurance - An insurance policy purchased by the buyer to protect the lender should the borrower become default in payment. Mortgage insurance is usually required for loans with less than 20 percent down payment. The cost of the mortgage insurance is added to the monthly mortgage payments.

Mortgage Insurance Premium (MIP) - The fees paid by a borrower for mortgage insurance. Typically for mortgage loans with a down payment of less than 20 percent. MIP is usually used with FHA package loans.

Mortgage Modification - The act of changing any of the terms of a mortgage so that a borrower of a defaulted mortgage can avoid foreclosure. Also referred to as recasting.

Non-Judicial Foreclosure - This is a foreclosure that can be completed outside the court system. This is because deeds of trust contain the power of sale clause that enables the trustee to initiate foreclosure, without having to go to court. This is the basic difference between a non-judicial foreclosure and the judicial process. In a non-judicial foreclosure the trustee is required to issue a notice of default and notice of sale, which is published in the newspaper. The entire process usually takes between 90 and 120 days.

Offer - A detailed, written document that makes an offer to purchase a property, and that may be amended several times in the process of negotiations. When signed by all parties involved in the sale, the purchase offer becomes a legally binding contract, sometimes called the sales contract. Also known as a purchase agreement, purchase contract, purchase and sales agreement, or purchase and sales contract.

Origination Fee - A one-time fee charged by a lender to set up ("originate") a loan. Typically, but not always, this fee is 1% of the loan amount.

Owner's Title Insurance Policy - Title insurance for the owner of property. Insurance to defend the owner against enforcement of any liens or encumbrances (against the property) that were in place prior to the issuance of the policy. Caution: never purchase a property without obtaining an owner's title policy. The issuer of the policy will research the legal records for any existing liens or encumbrances prior to issuing the policy. Without this search and the issuance of the title policy, you will be liable for the payment of any liens that exist on the property.

Partial Release - A request by the borrower to the lender to release a portion of the mortgaged property from the mortgage after part of the loan has been repaid.

Pest/Termite Inspection - An examination of a structure, by qualified personnel, to determine the existence of infestation by termites. This is often required by the terms of a sales contract.

PITI - Principal, Interest, Taxes (property) and Insurance (hazard), or PITI, are the four elements that make up your total monthly mortgage payment for most homeowners. Every month a portion of your mortgage payment is held in an escrow account that is managed by your mortgage company. Your mortgage company uses this escrow account to pay hazard insurance premiums and property taxes on your property.

Power of Sale - Sometimes referred to as "Foreclosure of Mortgage By Advertisement." The foreclosing mortgagee must file a notice of pendency, give service of a notice of intention to foreclose, file proof of the service or mailing of that notice, and publish a notice of sale. Sale is to be at auction and a report of sale is filed. There is a right to redeem by payment prior to commencement of the biding at sale. There is a statutory form of power of sale deed. The foreclosure can be converted to a judicial proceeding.

Pre-Approved - The process of applying for a loan, and obtaining approval for a maximum loan amount, before having a purchase.

Pre-Foreclosure Sale (PFS) - The term used when a borrower is allowed to sell the property for less than the amount owed in order to avoid foreclosure. This may also be referred to as a short sale. In cases involving a VA mortgage, it is referred to as a compromise offer.

Pre-Payment Penalties - A fee that is charged to a homeowner who pays one or all of the monthly payments before the due date and that can apply to additional principal reduction payments.

Pre-Qualified - The process of estimating how much money a prospective homebuyer would be eligible to borrow if approved for a loan. It does not mean the loan is approved.

Private Mortgage Insurance - Insurance purchased from a commercial company by the buyer to protect the lender in the event of default. The cost of mortgage insurance is usually added to the monthly payment. Mortgage insurance is usually maintained until the outstanding amount of the loan is less than 80% of the value of the house, or for a set period of time (7 years is common). Mortgage insurance may be available through a government agency, such as the Federal Housing Administration (FHA) or the Veterans Administration (VA) or through commercial companies (referred to as private mortgage insurance or PMI). PMI is usually used for conventional loan packages.

Professional Credit Counselor - Help you manage your money and work with you to form a debt management plan.

Radon - A colorless, odorless radioactive gas that results from the natural decay of uranium in the earth. In certain parts of the country, radon may leak into homes and build up to levels that are health threatening.

Ratified Contract - A ratified sales contract is simply the offer the buyer has made to the seller, which is accepted by the seller. Once the contract is signed by both parties, it is considered ratified and approved. The buyer will need the ratified sales contract when he/she returns to the lender to complete the mortgage process.

Real Estate Settlement Procedures Act (RESPA) - A law that states how mortgage lenders must treat those who apply for federally related real estate loans on property with 1-4 dwelling units. Intended to provide borrowers with more knowledge when they comparison-shop for mortgage money.

Releases - The relinquishment, discharge or giving up of a right, claim or debt for consideration. A contract with a general contractor can require the general contractor to obtain releases benefiting the homeowner from all subcontractors.

Repayment Plan - The term used when all parties agree to delay foreclosure or other legal action. The borrower promises to pay the arrearage or debt by a specific date. In some instances, the payments can be reduced or suspended for a period of time. Also referred to as a temporary indulgence, special forbearance or arrears.

R-Value - The term commonly used to describe the insulating value (or resistance to heat flow) of a material. The higher the r-value of a material is, the greater its insulating value will be.

Sale Price - The seller's asking price.

Sale Terms - Conditions and arrangements specified in a sales contract

Schedule of Payments - A schedule that tells the date mortgage payments are due and the date the payment is considered late.

Servicing and Disclosure Statement - RESPA requires lenders or mortgage brokers to tell loan applicants in writing, at the time the loan is applied for or within the next three business days, whether it expects that someone else will be servicing the loan. This is done through a document called, Servicing Disclosure Statement .

Settlement Statement - This document is required by the Real Estate Settlement Procedures Act (RESPA) and is an itemized statement of services and charges relating to the closing or settlement of the property transfer. The buyer has the right to examine the settlement statement one day prior to closing. This is sometimes called the HUD-1 Settlement Statement (after the name of the standard form) or the Uniform Settlement Statement.

Single-Family Detached - An individual dwelling for one family, usually located on an independent lot.

Special Forbearance - See Repayment Plan

Strict Foreclosure - A type of foreclosure allowed only in Connecticut and Vermont. The lender or servicer must go to court to obtain a court order declaring the homeowner to be in default of the mortgage. As a consequence, the title of the property shifts to the lender of servicer. The court sets a time for the homeowner to pay the debt and redeem the property.

Title - A legal document establishing the right of ownership and which is recorded and made part of the public record. Also known as the deed.

Title Insurance - An insurance policy that guarantees the accuracy of the title search and protects against potential errors. Most lenders require the buyer to purchase a title insurance policy to protect the lender against loss in the event of a title defect. This charge is included in the closing costs. The policy that protects the buyer from title defects is known as an owner's policy, which requires an additional charge.

Title Search - A historical review of al the recorded legal documents pertaining to the ownership of property to determine if there have been any flaws in transfer of ownership or if there are any claims or encumbrances on the title to the property. The title search is conducted prior to closing as part of the preparation process. In some cases, the title search is prepared to write the title abstract.

TransUnion - One of three credit-reporting agencies that provides financial information about potential borrowers to lenders. Information in a credit file is obtained from lenders, banks, court records, and other sources. See Credit Bureau.

Truth in Lending Statement - This document is required by the Real Estate Settlement Procedures Act (RESPA) and gives the annual percentage rate of the mortgage loan after all charges and fees are calculated, as well as the terms and details of the loan. A borrower must receive Truth-in-Lending Statement within 3 days of making a loan application. If there are any corrections or changes to the mortgage loan, a borrower must receive a corrected Truth-in-Lending Statement no later than the closing.

Truth-in-Lending Act - A federal law that requires lenders to fully disclose to the borrower, in writing, the loan rate and terms. The Truth in Lending Act is also referred to as Regulation Z.

Utilities - The private or public service facilities, such as telephone, water, electricity, gas and sewer, which are provided as part of the development of the land.

VA Guaranteed Mortgage or Loan - Veterans Administration insured mortgages, available up to 100 percent of the purchase price, to veterans and qualified military reservists.