Real Estate Glossary

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Homebuyer Education Learning Program; an educational program from the FHA that counsels people about the homebuying process; HELP covers topics such as budgeting, finding a home, getting a loan, and home maintenance; in most cases, completion of the program may entitle the homebuyer to a reduced initial FHA mortgage insurance premium-from 2.25% to 1.75% of the home purchase price. 

Home inspection 
An examination of the structure and mechanical systems to determine a home's safety; makes the potential homebuyer aware of any repairs that may be needed. 

Home Warranty 
Offers protection for mechanical systems and attached appliances against unexpected repairs not covered by homeowner's insurance; overage extends over a specific time period and does not cover the home's structure. 

Homeowner's Insurance
an insurance policy that combines protection against damage to a dwelling and it's contents with protection against claims of negligence or inappropriate action that results in someone's injury or property damage.  

Housing Counseling Agency 
provides counseling and assistance to individuals on a variety of issues, including loan default, fair housing, and home buying. 

The U.S. Department of Housing and Urban Development; established in 1965, HUD works to create a decent home and suitable living environment for all Americans; it does this by addressing housing needs, improving and developing American communities, and enforcing fair housing laws. 

HUD1 Statement 
also known as the "settlement sheet," it itemizes all closing costs; must be given to the borrower at or before closing. 

Heating, Ventilation and Air Conditioning; a home's heating and cooling system.