- Fair Credit Reporting Act
- A consumer protection law that regulates the disclosure of consumer
credit reports by consumer/credit reporting agencies and establishes
procedures for correcting mistakes on one's credit report.
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- fair market value
- The highest price that a buyer, willing but not compelled to buy,
would pay, and the lowest a seller, willing but not compelled to sell,
would accept.
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- Fannie Mae
- A congressionally chartered, shareholder-owned company that is the
nation's largest supplier of home mortgage funds.
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- Fannie Mae's Community Home Buyer's Program
- An income-based community lending model, under which mortgage
insurers and Fannie Mae offer flexible underwriting guidelines to
increase a low- or moderate-income family's buying power and to
decrease the total amount of cash needed to purchase a home.
Borrowers who participate in this model are required to attend
pre-purchase home-buyer education sessions.
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- Federal Housing Administration (FHA)
- An agency of the U.S. Department of Housing and Urban Development
(HUD). Its main activity is the insuring of residential mortgage
loans made by private lenders. The FHA sets standards for
construction and underwriting but does not lend money or plan or
construct housing.
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- fee simple
- The greatest possible interest a person can have in real estate.
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- FHA mortgage
- A mortgage that is insured by the Federal Housing Administration
(FHA). Also known as a government mortgage.
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- finder's fee
- A fee or commission paid to a mortgage broker for finding a mortgage
loan for a prospective borrower.
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- first mortgage
- A mortgage that is the primary lien against a property.
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- fixed-rate mortgage (FRM)
- A mortgage in which the interest rate does not change during the
entire term of the loan.
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- flood insurance
- Insurance that compensates for physical property damage resulting
from flooding. It is required for properties located in
federally designated flood areas.
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- foreclosure
- The legal process by which a borrower in default under a mortgage is
deprived of his or her interest in the mortgaged property. This
usually involves a forced sale of the property at public auction with
the proceeds of the sale being applied to the mortgage debt.
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- fully amortized ARM
- An adjustable-rate mortgage (ARM) with a monthly payment that is
sufficient to amortize the remaining balance, at the interest accrual
rate, over the amortization term.
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