Glossary
"Time is of the essence"
A phrase that, when inserted in a contract, requires that all references to specific dates and times of day concerning performance be interpreted exactly.
3/2 option
A loan program sponsored by the Federal National Mortgage Corporation that requires a 5 percent down payment. Only 3 percent must be cash from the borrower. The remaining 2 percent may be a loan, grant or gift from a relative or sponsoring organization. This loan program may be a good choice for first-time homebuyers with limited cash.