Mortgage Glossary
203(b):
FHA’s single family program which provides mortgage insurance to
lenders to protect against the borrower defaulting; 203(b) is used
to finance the purchase of new or existing one to four family housing;
203(b) insured loans are known for requiring a low down payment,
flexible qualifying guidelines, limited fees, and a limit on maximum
loan amount.
203(k):
this FHA mortgage insurance program enables [...]