Real Estate terms starting with H

50 terms

HAFA Short Sale when the homeowner sells the property for less than the full amount due on the mortgage.
Hazard Insurance insurance that is generally required under mortgage contracts to pay for loss or damage to a person’s home or property.
Hazard Ranking System (HRS) The Hazard Ranking System (HRS) is the principal mechanism EPA uses to place waste sites on the NPL.
Hazardous Substance Research Centers ((HSRC)): Hazardous Substance Research Centers (HSRC) are a set of national organizations that carry out an active program of basic and applied research…
Head The upper horizontal part of a window frame or window opening.
Header A masonry wall unit of brick which is laid so that its short end is exposed.
HECM (Reverse Mortgage) The reverse mortgage is used by senior homeowners age 62 and older to convert the equity in their home into monthly streams of income and/or a line of…
HELP Homebuyer Education Learning Program; an educational program from the FHA that counsels people about the home buying process; HELP covers topics like…
Historic Appearance The visual appearance of a structure or site at a specific point in time after it has undergone alterations or additions which enhance or contribute to…
Historic Fabric A building's original or significant historic façade construction material or ornament, or fragments thereof.
Historic structure A building that is officially recognized for its historic significance and has special status under the 1976 Tax Reform Act which encourages…
Historic windows (1) windows installed at time of construction of the building; or (2) windows of a type installed at time of construction of similar buildings in similar…
Holder Also the person or company which receives the financial payment or the mortgage either directly from the borrower or from a mortgage servicer.
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…
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.
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…
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…
Home Equity Conversion Mortgage (HECM) A special type of mortgage-developed and insured by the Federal Housing Administration (FHA) that enables older home owners to convert the equity they…
Home Equity Line of Credit A type of revolving loan, that enables a home owner to obtain multiple advances of the loan proceeds at his or her own discretion, up to an amount that…
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.
Home Equity Loan A home equity loan allows you to tap into your home's built-up equity, which is the difference between the amount that your home could be sold for and the…
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…
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…
Home Inspection A professional inspection of a home to determine the condition of the property.
Home ownership The state of living in a structure that one owns.
Home Ownership and Equity Protection Act (HOEPA) Lenders are required to report whether a loan is subject to the provisions of the HOEPA.
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…
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."
Home Warranty Offers protection for mechanical systems and attached appliances against unexpected repairs not covered by homeowner's insurance; coverage extends over a…
Homeowner's Insurance Homeowners insurance is a contract between an insurance company and a homeowner to cover certain types of damage to the property and its contents, theft…
Homeowner's Warranty (HOW) Insurance offered by a seller that covers certain home repairs and fixtures for a specified period of time.
Homeowners' Association An organization of homeowners residing within a particular area whose principal purpose is to ensure the provision and maintenance of community facilities…
Homeownership Education Classes Classes that stress the need to develop a strong credit history and offer information about how to get a mortgage approved, qualify for a loan, choose an…
Homestead Credit Property tax credit program, offered by some state governments, that provides reductions in property taxes to eligible households.
Hood A projection that shelters an element such as a door or window.
housing affordability index An index that indicates what proportion of homebuyers can afford to buy an average-priced home in specified areas.
Housing and Economic Recovery Act (HERA) HERA was enacted in 2008, and it established FHFA-OIG and FHFA, which oversees the GSEs’ operations.
Housing and Urban Development (HUD) The U.S. government agency that administers FHA, GNMA and other housing programs.
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…
Housing Counseling Agency Provides counseling and assistance to individuals on a variety of issues, including loan default, fair housing, and home buying.
Housing expense the sum of a homeowner’s mortgage payment, hazard insurance, property taxes, and homeowner association fees.
Housing Expense Ratio The percentage of your gross monthly income that goes toward paying for your housing expenses.
housing expenses-to-income ratio See: debt-to-income ratio.
Housing unit A housing unit is a house, apartment, group of rooms or a single room occupied as separate living quarters; that is, 1.
HUD See: Housing and Urban Development.
HUD-1 Settlement Statement A final listing of the costs of the mortgage transaction. It provides the sales price and down payment, as well as the total settlement costs required…
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.
HUD1 Statement Also known as the "settlement sheet," or "closing statement" it itemizes all closing costs; must be given to the borrower at or before closing.
HVAC Heating, Ventilation and Air Conditioning; a home's heating and cooling system.
HVAC Equipment Window, through-wall and yard-mounted heating, ventilation, and air conditioning equipment, including window louvers, wall-mounted grilles and stove…