Federal National Mortgage Association (FNMA, Fannie Mae)
Purchases loans from lenders and then sells FNMA mortgage backed securities on Wall street.
Federal Home Loan Bank Board (FHLBB)
Financing for farmers.
Farmer's Home Administration (FMHA)
Programs that assist people who want to buy farms and homes in rural areas.
Federal Home Loan Mortgage Corporation (FHLMC, Freddie Mac)
Purchases loans from members of the Federal Reserve and the Federal Home Loan Bank Systems, and sells FHLMC mortgage backed securities on wall street.
Federal Housing Administration (FHA)
An agency that issues loan guarantees and administers loan programs which makes more housing available.
Federal Reserve System
Provides regulation of the federal bank and gives services to commercial banks. Also sets the nations monetary policy as well.
Fee Simple
The owner that has absolute ownership of the property in the case of this person's death the property is given to their heirs.
Fiduciary
Someone who is to act in the best interest of a client. A realtor is a fiduciary for his/her clients.
Finance Charge
Interest charged by a lender.
First Mortgage
A mortgage with precedence over the second mortgage. In the case of closing on property the first mortgage will we covered before the second.
Flood Insurance
Insurance that covers the cause of damage to a home due to flooding.
Foreclosure
Forcing the sale of property by a default stated in a mortgage, e.g. not meeting payments on time.
Free and clear
A property that has no liens.
FSBO
For sale by owner.
