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Glossary of terms and acronyms used on this site

There are 93 entries in this glossary.
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F

Term Definition
Fair Credit Reporting Act

Federal act to ensure that credit bureaus are fair and accurate protecting the individual's privacy rights enacted in 1971 and revised in October 1997. Source: www.hud.gov

Fair Housing Act

1968 act (amended in 1974 and 1988) providing HUD Secretary with fair housing enforcement and investigation responsibilities

Fair Market Value

The hypothetical price that a willing buyer and seller will agree upon when they are acting freely, carefully, and with complete knowledge of the situation. Source: www.hud.gov

Fannie Mae

Federal National Mortgage Association. Federally chartered, stockholder owned corporation supporting secondary market for FHA, VA, and conventional mortgages.

FEMA

Federal Emergency Management Administration

FHA

Federal Housing Administration (HUD Office of Housing)

FHA Appraisal

A document from a professional that gives an estimate of a property's fair market value based on the sales of comparable homes in the area and the features of a property; an appraisal is generally required by a lender before loan approval to ensure that the mortgage loan amount is not more than the value of the property. Source: www.hud.gov

FHA Appraiser

A qualified individual who uses his or her experience and knowledge to prepare the appraisal estimate. Source: www.hud.gov Effective, October 01, 2009, FHA/HUD required an appraiser to be Residential Certified or General Certified to perform appraisals to be used for FHA/HUD loans.

FHLMC

Federal Home Loan Mortgage Corporation. Federally chartered stockholder owned corporation supporting secondary market for conventional mortgages.

First Mortgage

The mortgage with first priority if the loan is not paid. Source: www.hud.gov

Fixed-Rate Mortgage

A mortgage with payments that remain the same throughout the life of the loan because the interest rate and other terms are fixed and do not change. Source: www.hud.gov

Fixture

Personal property permanently attached to real estate or real property that becomes a part of the real estate. Source: www.hud.gov

Flood Insurance

Insurance that protects homeowners against losses from a flood; if a home is located in a flood plain, the lender will require flood insurance before approving a loan. Source: www.hud.gov

FNMA

Federal National Mortgage Association. Federally chartered, stockholder owned corporation supporting secondary market for FHA, VA, and conventional mortgages.

Forbearance

A lender may decide not to take legal action when a borrower is late in making a payment. Usually this occurs when a borrower sets up a plan that both sides agree will bring overdue mortgage payments up to date. Source: www.hud.gov

Foreclosure:

A legal process in which mortgaged property is sold to pay the loan of the defaulting borrower. Foreclosure laws are based on the statutes of each state. Source: www.hud.gov

Freddie Mac

Federal Home Loan Mortgage Corporation. Federally chartered stockholder owned corporation supporting secondary market for conventional mortgages.

FSBO

For Sale by Owner; a home that is offered for sale by the owner without the benefit of a real estate professional. Source: www.hud.gov

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