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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 Copyright © 2005 by Mark McCracken, All Rights Reserved. TeachMeFinance.com is an informational website, and should not be used as a substitute for professional financial or legal advice. TeachMeFinance.com and its owner recommend consultation with a professional financial advisor prior to any investment or financial decision. Please read our disclaimer.