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Our English and Spanish mortgage glossary takes all the guesswork out of understanding home loans. Now you never have to be confused about common loan terms.

203(b):
With low down payment, maximum loan amount cap, qualification flexibility, and limited fees, this FHA program protects lenders from defaulting via mortgage insurance.  Generally of interest to one- to four-family home buyers and owners.

203(k):
FHA program that allows buyers of fixer-uppers or homes needing repair to finance both the home and the repair with one mortgage.