203(b)
- 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
- With the help of 203(b), the Johnson family was able to purchase their dream home.
- Banks feel more secure giving loans when the borrower has applied for 203(b).
- The 203(b) program made it possible for first-time homebuyers to secure a loan with a low down payment.
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