U.S. Department. of Housing and Urban Development (HUD)A federal agency that oversees the Federal Housing Administration and a variety of housing and community development programs.UnderlaymentA layer of wood between the subfloor and the floor.UnderwritingThe process that lenders go through to evaluate the risks posed by a particular borrower and to set appropriate conditions for the loan.Undisclosed heirA person who claims the right to a piece of property after the death of an owner without a will.Undisclosed spouseAn unidentified marital partner who can claim the right to a piece of property.Unrecorded deedAn unrecorded deed transfers ownership from one party to another without being officially recorded.Unsecured loanAny loan that is not backed by collateral.UpgradesOptions than the standard carpeting, lighting, finish carpentry and other amenities offered to all buyers in a new-home project.UpzoningThe process in which a property is zoned from a lower to a higher use.Urban sprawlThe unplanned expansion of development over a large area.UsuryA reference to illegally excessive interest charged on any loan. |