General Partnership
An entity composed of and owned by general partners. All partners are personally liable for the partnership obligations and share in the profits and losses of the partnership business.

Gift From a Family Member
A gift of cash, to a mortgage applicant from a relative by blood or marriage, which the applicant is not required to repay. In some instances it is necessary to provide a written statement to that repayment is not required.

Good Faith Estimate
A disclosure that must be given to all mortgage loan applicants within three business days of an application. It is an estimate of all settlement charges likely to be incurred at closing.

Government National Mortgage Association (GNMA)
Also known as 'Ginnie Mae.' A government corporation that provides special assistance for the purchase of certain FHA and VA mortgages and guarantees securities based by pools of mortgage loans.

Grace Period
A specified period after the regular due date of a loan payment during which no late charge or other penalty is assessed.

Gross Bonuses
Bonus pay before taxes averaged over previous 24 months. Your bonuses must be averaged over two years to be considered monthly income.

Gross Income
Normal annual income including overtime that is regular or guaranteed. The income may be from more than one source. Salary is generally the principal source, but other income may qualify if it is significant and stable.

Gross Overtime
Overtime pay before taxes averaged over previous 24 months. Your overtime must be averaged over two years to be considered monthly income. Overtime earned for less than two years will not be considered.