Glossary of terms used on this site
There are 105 entries in this glossary.F
| Term | Definition |
|---|---|
| Fannie Mae (FNMA) |
The Federal National Mortgage Association, a major purchaser of loans in the secondary mortgage market. |
| Federal Housing Administration (FHA) |
An agency within the U.S. Department of Housing and Urban Development that administers many loan programs, loan guarantee programs, and loan insurance programs designed to make more housing available. |
| FICO |
The Fair Isaac Company Credit Score that is a measure of borrower credit risk. |
| First Mortgage |
A mortgage that has priority as a lien over all other mortgages. |
| First-Time Homebuyer |
A buyer who has not had a mortgage interest deduction on their federal tax return for the past three years. |
| Fixed Rate Mortgage |
A loan that will require the borrower to pay the same interest rate for the entire term of the loan. |
| Fixer Upper |
A property requiring repair or remodeling to bring it to what is considered standard condition. |
| FNMA |
See FANNIE MAE. |
| Foreclosure |
The legal process in which mortgaged property is sold to pay a defaulting borrower's debt. |
| Freddie Mac (FHLMC) |
A counterpart to Fannie Mae as a major purchaser of residential mortgage loans in the secondary market. |