Month: July 2017

GOVERNMENT MORTGAGE RETOTD Episode 00266

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GOVERNMENT MORTGAGE Any mortgage insured by a government agency, such as the FHA or VA.  A mortgage that is insured by the Federal Housing Administration (FHA) or guaranteed by the Department of Veterans Affairs (VA) or the Rural Housing Service…

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FEDERAL HOUSING ADMINISTRATION (FHA) RETOTD Episode 00264

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FEDERAL HOUSING ADMINISTRATION (FHA) A sub-agency of the U.S. Department of Housing and Urban Development created in the 1930’s to facilitate the purchase of homes by low-income, first-time home buyers. It currently provides federally-subsidized mortgage insurance for private lenders.  An…

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BALLOON LOAN RETOTD Episode 00255

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BALLOON LOAN A loan that has level monthly payments that will amortize it over a stated term (e.g., 30 years) but that requires a lump sum payment of the entire principal balance at the end of a shorter term (e.g.,…

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ACCRUED DEPRECIATION RETOTD Episode 00253

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ACCRUED DEPRECIATION In accounting, for tax purposes, the amount of depreciation expense claimed to date for a depreciable asset; accumulated depreciation. In appraisal, the difference between an improvement’s replacement cost new and the present value of the improvement; sometimes referred…

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