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HUD 203(b) Mortgage Loan

What is HUD 203(b) Mortgage Loan?

Definition
HUD 203(b) mortgage loan is a HUD insured mortgage loan secured by a single family principal residence.
What It Means
The loans are not issued directly by HUD; instead they are issued by a mortgage lender while HUD provides the mortgage insurance. The HUD insurance protects the lender against default from the borrower. The mortgage insurance is provided through Federal Housing Administration (FHA), which a division within HUD.
Other Names
HUD 203(b) Mortgage Loan; 203(b) Mortgage Loan; Basic Home Mortgage Loan 203(b)
Category
Product

Related Terms

  • Conventional Loan: Conventional loan is a type of mortgage loan that is based on guidelines set by private investors and is not guaranteed or insured by an agency of the... Read More
  • Government Loan: Government Loan is a mortgage loan that is guaranteed or insured by an agency of the federal or state government such as VA, FHA, USDA, or others.... Read More
  • Federal Housing Administration: Federal Housing Administration, generally known as FHA, is a division of Department of Housing and Urban Development that provides mortgage insurance ... Read More
  • Housing and Urban Development: U.S. Department of Housing and Urban Development is a federal government agency of the US created to promote affordable homeownership and build sustai... Read More
  • FHA Loan: Loan that is insured by Federal Housing Administration (FHA).... Read More
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