Mortgage Glossary

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This glossary contains many useful terms and definitions. You can browse the entire glossary by our alphabetical listing located on the right.

Mortgage Glossary

203(b)

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 of taxation

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.

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