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F
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 record.
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.
Fannie
Mae
A New York Stock Exchange company and the largest non-bank financial services
company in the world. It operates pursuant to a federal charter and is
the nation's largest source of financing for home mortgages.
Fannie
Mae Properties
Fannie Mae owns, manages and has available for sale, single-family detached
homes, two- to four-unit properties, condominiums and townhouses in a
variety of neighborhoods. The number, type and sales price may vary substantially.
The homes vary in age and may require repairs. Fannie Mae homes are sold
through local real estate brokers whose contact information is provided
in the Fannie Mae Properties for Sale search results on homepath.com.
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.
Fannie
97®
A financing option for a fixed-rate mortgage that offers home buyers a
3 percent down payment loan with a term between 15 and 30 years. The mortgage
features a loan-to-value (LTV) percentage of 97 percent, and is designed
to expand homeownership opportunities for people with modest incomes.
Borrowers must take a pre-purchase home-buyer education session to qualify
for a Fannie 97 mortgage.
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.
fee
simple
The greatest possible interest a person can have in real estate.
fee
simple estate
An unconditional, unlimited estate of inheritance that represents the
greatest estate and most extensive interest in land that can be enjoyed.
It is of perpetual duration. When the real estate is in a condominium
project, the unit owner is the exclusive owner only of the air space within
his or her portion of the building (the unit) and is an owner in common
with respect to the land and other common portions of the property.
FHA
coinsured mortgage
A mortgage (under FHA Section 244) for which the Federal Housing Administration
(FHA) and the originating lender share the risk of loss in the event of
the mortgagor's default.
FHA
mortgage
A mortgage that is insured by the Federal Housing Administration (FHA).
Also known as a government mortgage.
finder's
fee
A fee or commission paid to a mortgage broker for finding a mortgage loan
for a prospective borrower.
firm
commitment
A lender’s agreement to make a loan to a specific borrower on a
specific property.
first
mortgage
A mortgage that is the primary lien against a property.
fixed
installment
The monthly payment due on a mortgage loan. The fixed installment includes
payment of both principal and interest.
fixed-rate
mortgage (FRM)
A mortgage in which the interest rate does not change during the entire
term of the loan.
fixture
Personal property that becomes real property when attached in a permanent
manner to real estate.
flood
insurance
Insurance that compensates for physical property damage resulting from
flooding. It is required for properties located in federally designated
flood areas.
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.
forfeiture
The loss of money, property, rights or privileges due to a breach of legal
obligation.
401(k)/403(b)
An employer-sponsored investment plan that allows individuals to set aside
tax-deferred income for retirement or emergency purposes. 401(k) plans
are provided by employers that are private corporations. 403(b) plans
are provided by employers that are not for profit organizations.
401(k)/403(b)
loan
Some administrators of 401(k)/403(b) plans allow for loans against the
monies you have accumulated in these plans -- monies must be repaid to
avoid serious penalty charges.
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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