Hazard Insurance
A policy that protects the insured against loss due to fire or other natural disaster in exchange for a premium paid to the insurer.
Home Equity Loan
A loan secured by the equity in a home and sought for a variety of purposes, including home improvements, major purchases or expenses, or debt consolidation. A portion or all of the interest paid may be tax deductible.
Home Inspection Report
A qualified inspector’s report on a property’s overall condition. The report usually includes an evaluation of both the structure and mechanical systems.
Home Warranty Plan
Protection against failure of mechanical systems within the property. Usually includes plumbing, electrical, heating systems and installed appliances.
Housing and Urban Development (HUD)
A U.S. government agency established to implement federal housing and community development programs; oversees the Federal Housing Administration.
Housing Code
Local government ordinance that sets minimum standards of safety and sanitation for existing residential buildings.
Housing Expense-to-Income Ratio
The ratio, expressed as a percentage, is the result of dividing a borrower’s housing expenses by his or her gross monthly income.
HUD
See Housing and Urban Development.
HUD-I Settlement Statement
A form that itemizes the closing costs associated with purchasing a home.