A consumer safeguard limiting adjustments to ARM interest rate or mortgage payment's.
|Federal National Mortgage Association (FNMA)|
A tax-paying corporation created by Congress to support the secondary market in mortgages on residential properties. FNMA sells residential mortgages to lenders (Conventional, FHA insured, and VA guaranteed). FNMA also purchases pools of mortgages from lenders with securities, also know as Fannie Mae, the largest single holder of home mortgages in the United States.
|Gross Monthly Income|
The total monthly income earned before taxes and any other deductions.
A mortgage made subsequent to another and subordinate to the first one.