Mortgage terms starting with H

16 terms

  1. HAFA Short Sale when the homeowner sells the property for less than the full amount due on the mortgage.
  2. Hazard Insurance insurance that is generally required under mortgage contracts to pay for loss or damage to a person’s home or property.
  3. Home Affordable Foreclosure Alternatives Program (HAFA) a program that provides opportunities for homeowners who can no longer afford to stay in their home but want to avoid foreclosure to transition to more…
  4. Home Affordable Modification Program (HAMP) A program that provides eligible homeowners the opportunity to modify their mortgages to make them more affordable. See www.MakingHomeAffordable.gov.
  5. Home Affordable Refinance Program (HARP) A program that provides homeowners with loans owned or guaranteed by Fannie Mae or Freddie Mac an opportunity to refinance into more affordable monthly…
  6. Home Affordable Unemployment Program (UP) a program that provides homeowners a temporary forbearance, which is a temporary period of time during which a regular monthly mortgage payment is reduced…
  7. Home Equity Line of Credit (HELOC) A line of credit secured by the equity in a consumer's home. It can be used for home improvements, debt consolidation, and other major purchases.
  8. Home Improvement Loan A home improvement loan is (a) any dwelling-secured loan to be used, at least in part, for repairing, rehabilitating, remodeling, or improving a dwelling…
  9. Home improvement scams A contractor talks you into costly or unnecessary repairs, steers you to a high-cost mortgage lender to finance the job, and arranges for the loan…
  10. Home Ownership and Equity Protection Act (HOEPA) Lenders are required to report whether a loan is subject to the provisions of the HOEPA.
  11. Home Owners’ Loan Act Enacted in 1933, this Act established the Home Owners’ Loan Corporation and authorized steps to: provide emergency relief with respect to home mortgage…
  12. Home Purchase Loan A home purchase loan is any loan secured by and made for the purpose of purchasing a dwelling. See the definition of "dwelling."
  13. Housing and Economic Recovery Act (HERA) HERA was enacted in 2008, and it established FHFA-OIG and FHFA, which oversees the GSEs’ operations.
  14. Housing and Urban Development Act Enacted in 1968, this Act partitioned Fannie Mae into two separate organizations, a government-sponsored corporation (Fannie Mae) and a wholly-owned…
  15. Housing expense the sum of a homeowner’s mortgage payment, hazard insurance, property taxes, and homeowner association fees.
  16. HUD-1 Uniform Settlement Statement Standard form used to disclose costs at closing. All charges imposed in the transaction, including mortgage broker fees, must be disclosed separately.