Fair Credit Reporting Act: A consumer protection law that regulates the disclosure and use of consumer credit information, establishes rules for credit reporting to consumer credit reporting agencies, and establishes procedures for a consumer to view his or her credit report and correct mistakes on it.

Fannie Mae (FNMA): Corporation created by Congress that buys and sells residential mortgages. Fannie Mae provides funds for one in seven mortgages.

Farmer's Home Administration (FmHA): An agency of the U.S. Department of Agriculture, that provides financing for purchasers of homes and farms in small towns and rural areas.

FDIC: See Federal Deposit Insurance Corporation.

Federal Deposit Insurance Corporation (FDIC): - Independent deposit insurance agency created by Congress to maintain stability and public confidence in the nation's banking system.

Federal Home Loan Bank Board (FHLBB): - Former name for the regulatory and supervisory agency of federally chartered savings institutions, now called the Office of Thrift Supervision.

Federal Housing Administration (FHA): Government agency, division of the Department of Housing and Urban Development, which insures residential mortgage loans made by private lenders and sets standards for underwriting mortgage loans.

Federal Reserve: - Central bank of the United States and major regulatory agency for many commercial banks.

Fee Simple: Absolute ownership of real property. FHA - See Federal Housing Administration.

FHA Loan: Loan insured by the FHA for low to middle income homes, open to all qualified home purchasers.

FHLBB: See Federal Home Loan Bank Board.

FHLMC: See Federal Home Loan Mortgage Corporation. First Mortgage - The primary lien against a property.

Fixed Rate: An interest rate that is fixed for the term of the loan.

Fixed-Rate Mortgage: A mortgage whose interest rate does not change for the life of the loan. Payments are also fixed.

Federal Home Loan Mortgage Corporation (FHLMC): See Freddie Mac

Flood Certification: Federal law requires that you obtain flood insurance, if you obtain a mortgage, and you property is in a designated flood zone. This fee is paid to a third party to determine the flood zone status of your property, and to notify us of changes to the flood zone map that effect your property during the life of your loan.

Flood Insurance: A form of hazard insurance required by the federal government to cover property damage or loss in flood zones.

Floor: minimum interest rate payable on an adjustable-rate mortgage.

Federal National Mortgage Association (FNMA): See Fannie Mae

FICO Score: A credit evaluation score developed by Fair, Isaac, and Co., used by lenders as one factor in making a loan decision. Some methods of improving a score are to establish and maintain a payment history on credit accounts, keep public records (bankruptcies, judgments, etc.) and collection accounts to a minimum, pay down loans, keep credit cards well below their limit, avoid late payments, and limit applying for new credit applied.

Forbearance: Grace period given when a lender postpones foreclosure to give the borrower time to catch up on overdue payments.

Foreclosure (or Repossession): Legal process by which the lender forces the sale of a property when the borrower has not met the mortgage terms.

Freddie Mac (FHLMC): Quasi-governmental agency that purchases conventional mortgages from insured depository institutions and HUD-approved mortgage bankers.

Fully Indexed Rate: The current index value plus the margin