A common term used in real estate finance taken from
FNMA (Federal National Mortgage Association). It provides a market for
government secured mortgages held by primary lenders and provides them
with a ready market so as to permit a greater turnover of money for
Farmers Home Administration (FMHA)
Provides financing to farmers and other qualified borrowers
who are unable to obtain loans elsewhere.
Federal Home Loan Mortgage Corporation (FHLMC)
Also called "Freddie Mac", is a quasi-governmental agency
that purchases conventional mortgages from insured depository institutions
and HUD-approved mortgage bankers.
Federal Housing Administration (FHA)
A division of the Department of Housing and Urban Development.
Its main activity is the insuring of residential mortgage loans made
by private lenders. FHA also sets standards for underwriting mortgages.
Fee Simple Absolute
Often called a fee or fee simple; the most comprehensive
ownership of real property known to the law; the largest bundle of ownership
rights possible in real estate.
FHA Insured Mortgage
A mortgage under which the Federal Housing Administration
insures loans made according to its regulations by approved lenders.
A person or a position of trust or confidence. Fiduciary
refers to the relationship of an agent to his principle.
Fixed Rate Mortgage
A loan in which the interest rate and the monthly payment
do not change over the life of the loan.
An article of personal property which has been installed
in or attaches to land or a building thereon, in a permanent manner,
so that is now considered to be a part of the real estate.
A termination of the rights of the mortgagor in the property
covered by the mortgage; a court process instituted by a mortgage or
lien creditor to defeat any interest of equity of redemption which the
mortgagor or debtor-owner may have in the property.