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Today's Terms
HUD
Definition:
The U.S. Department of Housing and Urban Development; established in 1965, HUD works to create a decent home and suitable living environment for all Americans; it does this by addressing housing needs, improving and developing American communities, and enforcing fair housing laws.
Condominium
Definition:
A form of ownership in which individuals purchase and own a unit of housing in a multi-unit complex; the owner also shares financial responsibility for common areas.
Down payment
Definition:
The portion of a home's purchase price that is paid in cash and is not part of the mortgage loan.
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