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• FHA's single family program which provides mortgage insurance to lenders to protect against the borrower defaulting; 203(b) is used to finance the purchase of new or existing one to four family housing; 203(b) insured loans are known for requiring a low down payment, flexible qualifying guidelines, limited fees, and a limit on maximum loan amount.

  US Department of Housing and Urban Development - Cite This Source - This Definition
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  Cite Definition for 203(b)

  American Psychological Association (APA)

  203(b). (n.d.). Homes & Communities Glossary. Retrieved March 27, 2023, from website: http://www.expertglossary.com/definition/203-b.

  Chicago Manual of Style (CMS)

  203(b). www.hud.gov. Homes & Communities Glossary. US Department of Housing and Urban Development. http://www.expertglossary.com/definition/203-b (accessed: March 27, 2023).

  Modern Language Association (MLA)

  "203(b)." Homes & Communities Glossary. US Department of Housing and Urban Development. 27 March. 2023 http://www.expertglossary.com/definition/203-b.

• Browse Related Terms: 203(b), Federal Housing Administration (FHA), FHA, Insured mortgage, Mortgage Insurance, Mortgage Insurance (MI), Mortgage insurance company, Mortgage Insurance Premium (MIP), PMI, Private mortgage insurance, Private Mortgage Insurance (PMI)

All > Business > Real Estate

• This FHA mortgage insurance program enables homebuyers to finance both the purchase of a house and the cost of its rehabilitation through a single mortgage loan.

  US Department of Housing and Urban Development - Cite This Source - This Definition
  ×

  Cite Definition for 203(k)

  American Psychological Association (APA)

  203(k). (n.d.). Homes & Communities Glossary. Retrieved March 27, 2023, from website: http://www.expertglossary.com/definition/203-k.

  Chicago Manual of Style (CMS)

  203(k). www.hud.gov. Homes & Communities Glossary. US Department of Housing and Urban Development. http://www.expertglossary.com/definition/203-k (accessed: March 27, 2023).

  Modern Language Association (MLA)

  "203(k)." Homes & Communities Glossary. US Department of Housing and Urban Development. 27 March. 2023 http://www.expertglossary.com/definition/203-k.

• Browse Related Terms: 203(k), EEM, FHA mortgage loan, Home Equity Conversion Mortgage (HECM), Purchase Money Mortgage, Rehabilitation Mortgage