F Mortgage Terms | Oconee County Real Estate
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Fair Credit Reporting
Act
A consumer protection law that regulates the disclosure
of consumer credit reports by consumer/credit reporting
agencies and establishes procedures for correcting mistakes
on one's credit record.
Fannie Mae
A congressionally chartered, shareholder-owned company
that is the nation's largest supplier of home mortgage
funds.
Federal Housing Administration
(FHA)
An agency of the U.S. Department of Housing and Urban
Development (HUD). Its main activity is the insuring
of residential mortgage loans made by private lenders.
The FHA sets standards for construction and underwriting
but does not lend money or plan or construct housing.
Firm Commitment
A lender's agreement to make a loan to a specific borrower
on a specific property.
First Mortgage
A mortgage which is in first lien position, taking priority
over all other liens (which are financial encumbrances).
First
Time Homebuyer
A person who has not owned his or her personal residence
during the past three years.
Fixed Rate
An interest rate which is fixed for the term of the
loan. Payments as well are fixed at one amount.
FHA Loan
More appropriately termed "FHA Insured Loan". A loan
for which the Federal Housing Administration insures
the lender against losses the lender may incur due to
your default.
Flood Insurance
Insurance that compensates for physical property damage
resulting from flooding. It is required for properties
located in federally designated flood areas.
Foreclosure
If you are not making your mortgage payments and are
in default, your lender can foreclose on your property
and resell the home in order to pay the mortgage.
Good Faith Estimate
A written estimate of closing costs which a lender must
provide you within three days of submitting an application.
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