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MORTGAGE GLOSSARY - F

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F

Fannie Mae
See Federal National Mortgage Association.
Federal Home Loan Mortgage Corporation
Also called Freddie Mac, is a quasi-governmental agency that purchases conventional mortgages from insured depository institutions and HUD-approved mortgage bankers. (FHLMC)
Federal Housing Administration
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 standard for underwriting mortgages. (FHA)
Federal National Mortgage Association
Also known as Fannie Mae. A tax-paying corporation created by Congress that purchases and sells conventional residential mortgages as well as those insured by FHA or guaranteed by VA. This institution, which provides funds for one in seven mortgages, makes mortgage money more available and more affordable. (FNMA)
Fee Simple
The most common form of ownership where the vestee owns both the land and the structures.
FHA
FEDERAL HOUSING ADMINISTRATION
FHA Mortgage Insurance
Requires a small fee (up to 3 percent of the loan amount) paid at closing or a portion of this fee added to each monthly payment of an FHA loan to insure the loan with FHA. On a 9.5 percent $75,000 30-year fixed-rate FHA loan, this fee would amount t o either $2,250 at closing or an extra $31 a month for the life of the loan. In addition, FHA mortgage insurance requires an annual fee of 0.5 percent of the current loan amount, the more years the fee must be paid.
FHLMC (FREDDIE-MAC)
Federal Home Loan Mortgage Corporation.
Fixed-Rate Mortgage
A mortgage on which the interest rate is set for the term of the loan.
Flood Insurance
A mandatory insurance for some homeowners whose property is built in a designated flood zone.
FNMA - (FANNIE-MAE)
Federal National Mortgage Association.
Foreclosure
A legal procedure in which property securing debt is sold by the lender to pay a defaulting borrower's debt.
Free and Clear
This means the property is completely paid for and has no liens attached.
Functional Obsolescence
A detraction from the property value due to the design or material being less functional than the norm.

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