# A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
Homebuyer Education Learning Program (HELP): An educational program from the FHA that counsels people about the homebuying process; HELP covers topics like budgeting, finding a home, getting a loan, and home maintenance; in most cases, completion of the program may entitle the homebuyer to a reduced initial FHA mortgage insurance premium from 2.25% to 1.75% of the home purchase price.
Home Inspection: An examination of the structure and mechanical systems to determine a home's safety; makes the potential homebuyer aware of any repairs that may be needed.
Home Warranty: Offers protection for mechanical systems and attached appliances against unexptected repairs not covered by homeowner's insurance; overage extends over a specific time period and does not cover the home's structure.
Homeowner's Insurance: An insurance policy that combines protection against damage to a dwelling and it's contents with protection against claims of negligence or inappropriate action that results in someone's injury or property damage.
Housing Counseling Agency: Provides counseling and assistance to individuals on a variety of issues, including loan default, fair housing and homebuying.
U.S. Department of Housing and Urban development (HUD): Established in 1965, HUD works to create a decent home and suitable living environment for all Americans; it does this by addressing housing needs, improving and developing American communities, and enforcing fair housing laws.
HUD1 Statement: Also known as the "settlement sheet", it itemizes all closing costs; must be given to the borrower at or before closing.
Heating, Ventilation and Air Conditioning (HVAC): A home's heating and cooling system. |
