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Fannie Mae
Federal National Mortgage Association (also FNMA) is a congressionally charted, private corporation that increases the availability and affordability of housing by buying mortgages from lenders and reselling them as securities on the secondary mortgage market.
Federal Housing Administration (FHA)
A government agency that guarantees home loans for lenders and offers low-rate mortgages to buyers who make a down payment as small as 3 percent. FHA provides an insurance contract in which HUD (thought FHA) insures lenders will recover a specified percentage of the total loan amount from FHA in the event the borrower defaults on the loan.
Fee Simple
Ownership rights that entitle the owner to unrestricted use the property, in accordance with state and local laws. This type of estate can be left by will or inherited
Fixed-Rate Mortgage
A home loan with an interest rate that will remain unchanged for the entire term of the loan, typically a period of 15-30 years. The majority mortgages in the U.S. have fixed rates.
Fixture
Personal property that is permanently attached to a house. Such items might include window blinds, toilets, chandeliers, etc.
Foreclosure
When a loan has been defaulted, foreclosure is the legal process that allows a lender to extinguish all rights of the borrower to the property in order to sell the property and satisfy a lien against it.
Forfeiture
The surrendering of property rights by a delinquent borrower.
Freddie Mac
A private corporation officially called the Federal Home Loan Mortgage Corporation (FHLMC), Freddie Mac is a congressionally chartered institution that purchases mortgages from lenders.
Fully amortized ARM
An adjustable-rate mortgage with a monthly payment that is adequate to pay down the balance of the loan over the amortization term of the mortgage.
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