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. (US Dept of HUD)


This FHA mortgage insurance program enables homebuyers to finance both the purchase of a house and the cost of its rehabilitation through a single mortgage loan. (US Dept of HUD)

24-hour warning point

A communication facility at a State or local level, operating 24 hours a day, which has the capability to receive alerts and warnings from Reclamation, plus activate the public warning system in its area of responsibility. (US Dept of the Interior- Bureau of Reclamation)

2-to 4-family residence

A residential building (excluding hotels and motels with normal room rentals for less than 6 months' duration) containing no more than four dwelling units. Incidental occupancies such as office, professional, private school, or studio space are permitted if the total area of such occupancies is limited to less than 25 percent of the total floor area within the building. (Federal Emergency Management Agency)

341 meeting

The meeting of creditors required by section 341 of the Bankruptcy Code at which the debtor is questioned under oath by creditors, a trustee, examiner, or the U.S. trustee about his/her financial affairs. Also called creditors' meeting. (US Courts (Federal Courts)- Bankruptcy Basics)

401(K) plan

A tax-deferred investment and savings plan that serves as a personal retirement fund for employees. (Federal Reserve Education)