The upfront cash payment made by a buyer when purchasing a home, usually a percentage of the total price.

A loan taken out to buy a home, paid back monthly with interest over a set number of years.

The portion of a property you truly own, calculated as the current value minus any mortgage balance.

The legal process when a lender takes back a property after missed mortgage payments.

A third-party account that holds funds (like taxes or insurance) for a home until they are due.

The amount of money borrowed in a mortgage, not including interest.

The percentage charged by a lender for borrowing money on a mortgage or loan.

The process of gradually paying off a mortgage through scheduled payments of principal and interest.

Taxes homeowners pay based on their property’s assessed value to fund local services like schools and roads.

An organization in some communities that manages common areas and enforces rules; members pay fees.

A professional estimate of a property’s market value, often required by lenders.

An evaluation of a property’s condition, including structural, electrical, plumbing, and HVAC systems.

Fees and expenses paid at the completion of a real estate transaction, including title insurance, attorney fees, and taxes.

A legal document proving ownership of a property.

The legal document used to transfer ownership of real property from seller to buyer.

Insurance required by lenders when the down payment is less than 20%, protecting the lender if the borrower defaults.

Federal agency that oversees housing programs, fair housing, and community development.

A federal program that provides rental assistance vouchers to low-income families.

Housing with rent or mortgage costs that are reasonable relative to household income.

A mortgage that includes funds for home repairs or renovation.

A prefabricated home built in a factory and transported to a site; may have different financing rules.

Fee paid for renting land where a mobile or manufactured home is placed.

A lease agreement that allows tenants to apply a portion of rent toward buying the property later.

Sale of a property where the lender agrees to accept less than the amount owed on the mortgage.

A foreclosed home owned by HUD, often sold below market value to first-time buyers.

Temporary housing programs to help families or individuals move from homelessness to stable housing.

A short-term housing facility providing safety, meals, and support services for people experiencing homelessness.

Programs or funds provided to help tenants pay rent or utilities when they cannot cover costs on their own.

An agreement where the buyer makes payments directly to the seller and gains ownership after the full purchase price is paid.

Local laws that regulate land use, including types of buildings allowed, density, and lot size.