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Real Estate Glossary

Real Estate Glossary
Glossary of real estate terms

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Term	Definition
U.S. Department of Housing and Urban Dev	A federal govern-ment agency responsible for managing many of the nation's housing programs and for protecting rights of homebuyers, homeowners, sellers, and renters.

U.S. Department of Veterans Affairs	The Veterans Administration is a federal government agency authorized to guarantee loans made to eligible veterans under certain conditions. To obtain more information, you can contact the U.S. Department of Veterans Affairs.The VA guarantee allows qualified veterans to buy a house costing up to $203,000 with no down payment. Moreover, the qualification guidelines for VA loans are more flexible than those for either the Federal Housing Administration (FHA) or conventional loans.If you are a qualified veteran, this can be an attractive mortgage program. To determine whether you are eligible, check with your nearest VA regional office.

Underimproved	A property not being used to its fullest and best potential.

Underwriting	The process of evaluating a loan application to determine the risk involved for the lender. Underwriting involves an analysis of the borrower's creditworthiness and the quality of the property itself.

Unsecured credit	Any credit that is not secured by property (such as a house). A credit card is unsecured credit, a mortgage loan is secured.

Unsecured Loan	A loan that is not backed by collateral.

Urban Development Action Grant (UDAG)	Program administered by the Assistant Secretary for Community Planning and Development, used to provide funding for projects in economically-distressed cities.

Urban Homesteading	The Housing and Community Development Act of 1974 authorized sale of publicly-owned properties to qualified individuals at minimal cost based on individual's agreement to rehabilitate and occupy the property for a set period of time. This program was expanded by the Housing and Community Development Act of 1987, which authorized resident management and ownership of public housing (see "Resident Ownership").

Usable area	Rentable area less certain common areas that are shared by all tenants (corridors, storage, bathrooms, etc.). = rentable area - common areas.

Usury	Interest on a loan at a rate higher than allowed by law.

Usury laws	State laws limiting the maximum interest rate which can be charged on loans.

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John Creighton
MBA, e-PRO, GRI
Spokane Real Estate Advisor
Licensed in Washington & Idaho

John L Scott Real Estate
Cell (509) 979-2535
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