Farmer's Home Administration (FmHA) - An agency, within the U.S. Department of Agriculture, that administers assistance programs for purchasers of homes and farms in small towns and rural areas.
Federal Home Loan Bank Board (FHLBB) - Provides financing to farmers.
Federal Home Loan Mortgage Corporation (FHLMC, Freddie Mac) - Freddie Mac maintains a nationwide secondary market primarily for conventional loans originated by banks, thrift institutions and other HUD-approved lenders. Freddie Mac finances most of its operations through the sale of Mortgage Participation Certificates.
Federal Housing Administration (FHA) - An agency within the U.S. Department of Housing and Urban Development (HUD). FHA offers mortgage insurance programs to protect the lender in the event of default. Because lenders are insured against loss, they can make affordable financing available to borrowers who would not otherwise qualify.
Federal National Mortgage Association (FNMA, Fannie Mae) - Provides a secondary market for FHA, VA and conventional loans. Fannie Mae issues mortgage-backed securities and guarantees timely payment of their principal and interest to investors.
Federal Reserve System - The central federal banking system that regulates and provides services to member commercial banks. Also has the responsibility for conducting federal monetary policy.
Finance Charge - Interest charged by a lender.
First Mortgage - A mortgage that has priority as a lien over all other mortgages. In the case of a foreclosure the first mortgage will be satisfied before other mortgages. See also second mortgage.
Foreclosure (Repossession) - A legal process in which the right, title and interest of a mortgagor or trustor in real property are terminated by selling the property and applying the proceeds to satisfy liens of creditors.
