G

Gated community

A neighbourhood or group of neighbourhoods, usually surrounded by masonry walls, restricting access through the use of a manned guard station or electronically operated gates.  The electronic gates may be opened through the use of individual remote controls and/or a numeric keypad and code.  Some gated communities restrict entry at all times, while others only limit access during the evening hours. The costs associated with maintaining a manned guard gate can significantly impact monthly maintenance fees, depending on the size of the community.

Government loan (mortgage)

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 (RHS). Mortgages that are not government loans are classified as conventional loans.

Government National Mortgage Association (Ginnie Mae)

A government-owned corporation within the U.S. Department of Housing and Urban Development (HUD). Created by Congress on September 1, 1968, GNMA performs the same role as Fannie Mae and Freddie Mac in providing funds to lenders for making home loans. The difference is that Ginnie Mae provides funds for government loans (FHA and VA)

Grantee

A person to whom real estate is conveyed; the buyer.

Grantor

A person conveying real estate by deed; the seller.

Glossary by Run Digital