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http://test.ginniemae.gov/Pages/glossary.aspx?letter=F
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Glossary

TermDefinition
Fair Market ValueThe price a property can realistically sell for, based upon comparable selling prices of other properties in the same area.
Fannie MaeNickname for Federal National Mortgage Association (FNMA).
Federal Employment for Persons with Disabilities The Federal Government's Selective Placement programs include a special hiring authority for hiring people with disabilities.
Federal Home Loan Mortgage Corporation (FHLMC or Freddie Mac)A quasi-governmental, federally-sponsored organization that acts as a secondary market investor to buy and sell mortgage loans. Freddie Mac sets many of the guidelines for conventional mortgage loans, as does Fannie Mae.
Federal Housing Administration (FHA)An agency within the Department of Housing and Urban Development that sets underwriting standards and insures residential mortgage loans made by private lenders. One of FHA's objectives is to help make affordable mortgages available to homeowners with low or moderate income. FHA loans may be high loan-to-value, and they are limited by loan amount. FHA mortgage insurance requires a fee of 1.5 percent of the loan amount to be paid at closing, as well as an annual fee of 0.5 percent of the loan amount added to each monthly payment.
Federal National Mortgage Association (FNMA or Fannie Mae)A quasi-governmental, federally-sponsored organization that acts as a secondary market investor to buy and sell mortgage loans. Fannie Mae (FNMA) sets many of the guidelines for conventional mortgage loans, as does Freddie Mac.
Fee SimpleThe maximum form of ownership, with the right to occupy a property and sell it to a buyer at any time. Upon the death of the owner, the property goes to the owner's designated heirs. Also known as fee absolute.
FHASee also: Federal Housing Administration
Fifteen-year MortgageA loan with a term of 15 years. Although the monthly payment on a 15-year mortgage is higher than that of a 30-year mortgage, the amount of interest paid over the life of the loan is substantially less.
Fixed-rate MortgageA mortgage whose rate remains constant throughout the life of the mortgage.
Flood InsuranceA form of insurance that protects the owner of the insured property against losses stemming from flood damage. The Federal Flood Disaster Protection Act of 1973 requires that federally-regulated lenders determine if real estate to be used to secure a loan is located in a Specially Flood Hazard Area (SFHA). If the property is located in a SFHA area, the borrower must obtain and maintain flood insurance on the property. Most insurance agents can assist in obtaining flood insurance.
FNMASee also: Federal National Mortgage Association
Freddie MacNickname for Federal Home Loan Mortgage Corporation (FHLMC).
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Last Modified: 6/13/2016 3:11 PM