Definition of "203(b)"
  1. An FHA program offering mortgage insurance to safeguard lenders from loan defaults, facilitating the purchase of new or existing one- to four-family homes with low initial payments, lenient qualifying rules, limited fees, and a cap on maximum loan amount
How to use "203(b)" in a sentence
  1. With the help of 203(b), the Johnson family was able to purchase their dream home.
  2. Banks feel more secure giving loans when the borrower has applied for 203(b).
  3. The 203(b) program made it possible for first-time homebuyers to secure a loan with a low down payment.

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