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Fair Credit Reporting Act
A federal law that regulates credit bureaus and credit reports and gives persons certain rights regarding both.
Fair Market Value
The value that a willing and knowledgeable buyer would pay, and a willing and knowledgeable seller would accept,
in an arm's-length transaction for a property.
Fannie Mae
See Federal National Mortgage Association.
FCL
The abbreviation a lender puts on a borrower's credit record to indicate a foreclosure.
FDIC
See Federal Deposit Insurance Corporation.
Federal Deposit Insurance Corporation
The corporation set up by the federal government to insure deposits in banks and S&Ls.
Federal Home Loan Mortgage Corporation
A government-chartered but privately owned corporation that buys mortgages from S&Ls. Also called Freddie Mac.
Federal Housing Administration
An agency of the federal government that regulates many aspects of the real estate industry, and that insures
repayment of certain home loans.
Federal National Mortgage Association
A government-chartered but privately owned corporation that buys mortgages from mortgage companies. Also
called Fannie Mae.
Federal Savings and Loan Insurance Corporation
A corporation formerly run by the federal government that insured deposits in S&Ls; FDIC took over this function.
FSLIC deposit insurance funds, what were left of them, were transferred to an FDIC fund called Savings
Association Insurance Fund, SAIF for short.
FHA Guidelines
Rules that specify income and credit requirements for a borrower, and the condition and value of a property to
allow an insured loan of a particular size.
FHA Mortgage Loan
Mortgage loan insured by the Federal Housing Administration.
FHLMC
See Federal Home Loan Mortgage Corporation.
First Lien
Debt recorded first against a property.
First Mortgage
Mortgage that has priority as a lien over all other mortgages. In cases of foreclosures, the first mortgage must be
satisfied before other mortgages are paid off.
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FNMA
See Federal National Mortgage Association.
For Sale by Owner
(FSBO) A property being marketed by its owner without the help of a real estate broker.
Forbearance
A lender voluntarily accepts payments that are lower than originally agreed in the loan documents for a limited
period of time in order to allow the borrower to recover financially. The borrower must eventually repay the missing
or reduced payments, as well as all the other remaining payments on the loan.
Foreclosure
The forced sale of a piece of real estate to repay a debt.
Fraud
Intentional false statements that were believed and relied on by a person, who suffered loss as a result.
Freddie Mac
See Federal Home Loan Mortgage.
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Freeze Order
See Automatic Stay.
FSA
A designation for Federal Savings Association.
FSBO
See For Sale by Owner.
FSLIC
See Federal Savings and Loan Insurance Corporation.
Full Assumption
An arrangement in which a buyer takes title to the house and takes over the payments on the seller's old loan with
the full permission of the lender, which evaluates the buyer's ability to show adequate income and creditworthiness
by the lender's traditional standards. The process of obtaining lender approval is called qualifying.
Ginnie Mae
See Government National Mortgage.
GNMA
See Government National Mortgage Association.
Good Repair
A borrower has an obligation to maintain the condition of mortgaged property.
Government National Mortgage Association
An arm of the federal government that purchases loans. Currently GNMA buys over 90 percent of all DVA loans.
Grace Period
Additional time allowed to perform an act or make a payment before a default occurs.
Grant
A term used in deeds of conveyance of land to indicate a transfer.
Grant Deed
A deed of conveyance that implies that the grantor (seller) is granting an actual interest and has not previously
granted such interest to anyone else.
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Grantee
The party to whom the title to real property is conveyed.
Grantor
The person who conveys real estate by deed; the seller.
Guarantee
The DVA guarantees repayment of a DVA loan to the private lender who made it. Actually, this guarantee amounts
to an agreement by the DVA to cover the loss up to a certain dollar figure on a loan of a given size that goes into
default and foreclosure.
Next Foreclosure Definitions: Hearing >> Junior Mortgage
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