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Glossary of terms and acronyms used on this site

There are 93 entries in this glossary.
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Term Definition
203(b)

FHA's single family program which provides mortgage insurance to lenders to protect against the borrower defaulting; 203(b) is used to finance the purchase of new or existing one to four family housing; 203(b) insured loans are known for requiring a low down payment, flexible qualifying guidelines, limited fees, and a limit on maximum loan amount. Source: www.hud.gov

203(k)

This FHA mortgage insurance program enables homebuyers to finance both the purchase of a house and the cost of its rehabilitation through a single mortgage loan. Source: www.hud.gov

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