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You may find this Glossary useful in understanding words or terms used in real estate transactions. However, there are some factors that may affect the following definitions:
- Terms are defined as commonly understood in the mortgage and real estate industry. The same terms may have different meanings in other contexts.
- The definitions are intentionally short and non-technical. They do not include all possible meanings that a term may acquire in legal use.
- State laws may modify or change the meanings of certain terms defined.
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203(b) |
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FHA program which provides mortgage insurance to protect lenders from default; used
to finance the purchase of new or existing one- to four family housing; characterized
by low down payment, flexible qualifying guidelines, limited fees, and a limit on
maximum loan amount.
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203(k) |
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This FHA mortgage insurance program enables homebuyers to finance both the purchase
of a home and the cost of its rehabilitation through a single mortgage loan. |
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Glossary courtesy of Housing and Urban Development.
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