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HELP |
| Homebuyer
Education Learning Program; an
educational program from the FHA
that counsels people about the
homebuying process; HELP covers
topics such as 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. |
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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. |
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Home
warranty |
| Offers
protection for mechanical
systems and attached appliances
against unexpected repairs not
covered by homeowner's
insurance; overage extends over
a specific time period and does
not cover the home's structure.
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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. |
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Housing
counseling agency |
| provides
counseling and assistance to
individuals on a variety of
issues, including loan default,
fair housing, and home buying.
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HUD |
| The U.S.
Department of Housing and Urban
Development; 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.
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HUD1
Statement |
| also known as
the "settlement sheet," it
itemizes all closing costs; must
be given to the borrower at or
before closing. |
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HVAC |
| Heating,
Ventilation and Air
Conditioning; a home's heating
and cooling system. |
