H

Hazard Insurance: Insurance on a specific property protecting it in the case of fire, theft, liability, etc… 

Homeowners Association: Typically found in a condominium, subdivision, or planned unit developments (PUD), organized to enforce rules and regulations of the association as well as maintain and manage common areas.

Home Equity Line of Credit (HELOC): A loan allowing the borrower to borrow funds and repay them as they wish with the maximum amount and other stipulations being predetermined by the lender. The line of credit is secured by the equity in the borrower’s home.

Housing and Urban Development (HUD): A government agency established to federal housing and community development programs.

Housing Expenses to Income Ratio: A borrower’s housing expenses divided by their net effective income in FHA/VA loans or gross monthly income in conventional homes. This ratio is usually expressed as a percentage.

HUD 1 (HUD 1a): A document required b HUD prior to closing that outlines the settlement cost of a loan.

Hypothecate: Pledging property as security and not being required to give up possession of it.