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203(b)

BILLS.COM GLOSSARY

The  203(b) loan program is the FHA's single family program which provides mortgage insurance to FHA-approved lenders, to protect against borrower default. 203(b) loans are used to finance the purchase of new or existing one to four family housing. 203(b) insured loans require a low down payment, offer flexible qualifying guidelines, and come with limited fees. 203(b) loans are restricted to a maximum loan size based on the county in which the property is located.

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