Numerically categorized mortgage glossary terms you may have heard while participating in the home purchase process or by navigating this directory.
- 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.
- 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.
"Glossary." HUD.gov. U.S. Department of Housing and Urban Development, n.d. Web. .