A form of insurance in which the insurance company protects the insured from specified losses, such as fire, windstorm and the like.
An association of people who won homes in a given area for the purpose of importing or maintaining the quality of the area.
An association of people who own homes in a given area for the purpose of improving or maintaining the quality of the area.
Policy which expands the insurance for a homeowner. It may include theft, liability, earthquake, etc.
Homeowner's or Maintenance Fees
Payments made by property owner(s) of a condominium or a unit in PUD to the homeowners' association for expenses incurred in upkeep of the common areas.
These include the monthly principal and interest payments that are stipulated on the mortgage note. In addition, the monthly housing expenses include a monthly amount for the property taxes and hazard insurance (1/12 of the annual taxes and insurance). There may be other expenses, such as condominium fees, homeowners fees, special assessments, etc., that are included.
Housing and Urban Development (HUD)
The federal government agency that oversees FHA.
A closing document required by HUD that outlines the settlement cost of a loan. The closing agent generally prepares the document and buyer receives it shortly after the loan is closed.