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Hazard Insurance |
Insurance coverage that compensates for physical damage to a property from fire,
wind, vandalism, or other hazards.
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Homeowner's Insurance |
An insurance policy that combines personal liability insurance and hazard insurance
coverage for a dwelling and its contents.
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Home Equity Conversion Mortgage (HECM) |
A special type of mortgage that enables older home owners to convert the equity
they have in their homes into cash, using a variety of payment options to address
their specific financial needs. Unlike traditional home equity loans, a borrower
does not qualify
on the basis of income but on the value of his or her home. In
addition, the loan does not have to be repaid until the borrower no longer occupies
the property. Sometimes called a reverse mortgage.
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Homeowner's Warranty (HOW) |
A type of insurance that covers repairs to specified parts of a house for a specific
period of time. It is provided by the builder or property seller as a condition
of the sale.
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Home Equity Line Of Credit |
A mortgage loan, which is usually in a subordinate position, that allows the borrower
to obtain multiple advances of the loan proceeds at his or her own discretion, up to an amount that represents a specified percentage of the borrower's equity in
a property. |
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Homestyle® Mortgage
Loan |
A mortgage that enables eligible borrowers to obtain financing to remodel, repair,
and upgrade their existing homes or homes that they are purchasing. See also HomeStyle
Standard Mortgage, HomeStyle Remodeler, HomeStyle Community Mortgage and HomeStyle
Consumer Energy Loan.
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Home Inspection |
A thorough inspection that evaluates the structural and mechanical condition of
a property. A satisfactory home inspection is often included as a contingency by
the purchaser. Contrast with appraisal.
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Housing Expense Ratio |
The percentage of gross monthly income that goes toward paying housing expenses.
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HomeKeeperSM |
Fannie Mae's adjustable-rate conventional reverse mortgage, which allows older homeowners
to borrow against the value of their homes and receive the proceeds according to
the payment option they select. The amount available is based on the number of borrowers
and their ages and the adjusted property value. Anyone 62 years or older who either
owns his or her own home free and clear or has very low mortgage debt is eligible.
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HUD Median Income |
Median family income for a particular county or metropolitan statistical area (MSA),
as estimated by the Department of Housing and Urban Development (HUD).
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Homeowners' Association |
A nonprofit association that manages the common areas of a planned unit development
(PUD) or condominium project. In a condominium project, it has no ownership interest
in the common elements. In a PUD project, it holds title to the common elements.
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HUD-1 Statement |
A document that provides an itemized listing of the funds that are payable at closing.
Items that appear on the statement include real estate commissions, loan fees, points,
and initial escrow amounts. Each item on the statement is represented by a separate
number within a standardized numbering system. The totals at the bottom of the HUD-1
statement define the seller's net proceeds and the buyer's net payment at closing.
The blank form for the statement is published by the Department of Housing and Urban
Development (HUD). The HUD-1 statement is also known as the "closing statement"
or "settlement sheet." |
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