hazard insurance gloss

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.

Homeowners Warranty - A type of insurance that covers repairs to specified parts of a house for a specific period of time.

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, the result of dividing a borrower's housing expenses by his/her gross monthly income.

HUD - See Housing and Urban Development above.

HUD Approved Mobile Home - A mobile home manufactured after June 15, 1976, and have been built to the stricter construction and thermal standers adopted by HUD .

HUD-I Settlement Statement - A form that itemizes the closing costs associated with purchasing a home.