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CREDIT REPAIR 101

FHA 101

GREEN

HOME BUYING 101

LOAN APPLICATION PROCESS

MORTGAGES 101

QUALIFYING FOR A LOAN

VA 101

Habitability - Reasonably fit for human habitation.

Hazard Insurance - A broad form of casualty insurance coverage for real estate that includes protection against loss from fire, certain natural causes, vandalism and malicious mischief.  

Header - A beam over a window or a door. 

Head Lease - A master lease under which the lessee subleases portions of the premises.  

Head of Household - One who is responsible for dependents; not necessarily a married person.

Hereditaments - Any item capable of being inherited.

Highest and Best Use -  The available present use or series of future uses that will produce the highest present real property value and develop a real estate parcel to its fullest economic potential.  

Hip Roof - A roof where all four sides slope to a ridge line.

Historical Age - See Actual Age. 

Historical Cost - Actual cost of a building at the time it was constructed.  

Historical Rent - Contract rent paid in past years. 

HOA - See Home Owner Association.

Holdback - See Escrow Holdback.

Holder in Due Course - A person who, in the course of commerce, takes a negotiable instrument good on its face for value prior to due date, without notice of any defense of the maker.  

Holding - Possession of property two which one has legal title

Hold-Harmless Clause - One party agrees to indemnify the other for any loss suffered because of the contract or lease. 

Holdover Clause - A lease condition that provides for a very high rent should the tenant fail to vacate at the end of a lease, discouraging a holdover situation.  

Holdover Tenant - Tenant retaining possession after the expiration of a lease. 

Holographic Will - A handwritten, signed and dated will; no witnesses are needed. 

Home Inspection - See Inspection

Home Owner Association - A group of home owners in a particular subdivision or area who band together to take care of common property and common interests.

Homeowner’s Package - A broad form of insurance coverage for real estate that combines hazard insurance with personal protection and other items.  

Homeowner’s Policy - See Homeowner's Package.  

Homestead Exemption -  A state statutory exemption that protects homestead property, usually to a set amount, against the attachment rights of creditors.  Property tax exemptions for all or part of the tax are also available in some states.  

Home Warranty - A service contract that covers most major systems and appliances in a home for a specified period of time.  The home owner is responsible for a per call service fee. 

Hostile Possession - Possession of real property without permission of the owner coupled with a claim, express or implied, of ownership. 

HUD -  See Department of Housing and Urban Development.  

HUD 1 - See Settlement Statement.

HUD Information Booklet -  Describes the closing process and costs and the loan applicant’s rights under the Real Estate Settlement Procedures Act (RESPA).