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Hazard Insurance
A policy that protects the insured against loss due to fire or certain natural disasters in exchange for a premium paid to the insurer. Also known as Home Owner's Insurance or fire insurance.
Head of household
A filing status with tax rates that are lower than those that apply to single individuals. It's available to unmarried taxpayers who pay more than half the cost of maintaining a home for a dependent relative or unmarried child. Generally, the taxpayer and dependent must live in the same home.
Home Equity Line of Credit
A revolving line of credit secured by the equity in the home. Unlike a Home Equity Loan, these funds may be drawn and repaid like a credit card.
Home equity loan
Debt secured by your principal residence or second home (such as a second mortgage or home-equity line of credit) that is not used to buy, build or substantially improve the property. Although interest on most loans is not deductible (see Personal interest), interest on up to $100,000 of home-equity debt remains deductible.
Home Equity Loan
An additional mortgage secured by the equity in the home. All funds for this loan are disbursed at closing. (In contrast, see Home Equity Line of Credit)
Homeowners Warranty
A type of insurance that covers repairs to specified parts of a house for a specific period of time.
Housing and Urban Development (HUD)
A U.S. government agency established to implement federal housing and community development programs; oversees the Federal Housing Administration.
Housing Code
Local government ordinance that sets minimum standards of safety and sanitation for existing residential buildings.
Housing Expense-to-Income Ratio
The ratio, expressed as a percentage, the result of dividing a borrower's housing expenses by his/her gross monthly income. HUD - See Housing and Urban Development.
HUD-1 Settlement Statement
A form mandated by the federal government that itemizes the closing costs associated with purchasing a home. Also see Estimated Settlement Statement.