Glossary

Underwriting

A procedure followed by lenders that evaluates the associated risks attached to a certain borrower and sets the conditions of the loan based on the assessment.

Upgrades

Additional services offered by builders and other contractors to buyers in a new home that go beyond the minimal requirements for service.

US Department of Housing and Urban Development (HUD)

The Federal agency that oversees the Federal Housing Administration and a multitude of other housing and community development programs.