Definition of 203(b)

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TeachMeFinance.com - explain 203(b)



203(b) -- The 203b is a Federal Housing Administration (FHA) program that provides mortgage insurance to protect lenders from default. The program allows borrowers to finance the purchase of new or existing one, two, three or four family housing. The program generally has a low down payment, limited fees, flexible guidelines for qualifying, and a limit on the maximum loan amount.

also...

203-b limit - the dollar limit in each county for how much of a home's value can be used to determine the amount of money you can get from a federally insured HECM reverse mortgage; the name comes from Section 203-b of the National Housing Act



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Mark McCracken

Author: Mark McCracken is a corporate trainer and author living in Higashi Osaka, Japan. He is the author of thousands of online articles as well as the Business English textbook, "25 Business Skills in English".


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