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Fair Credit Reporting Act:
A consumer protection law that sets up a procedure for correcting mistakes on one's credit record.
Federal Home Loan Bank Board:
The board which charters and regulates federal savings and loan associations, as well as controlling the system of Federal Home Loan Banks.
Federal Tax Lien:
A lien attached to property for nonpayment of a federal tax.
Fee Simple:
An estate under which the owner is entitled to unrestricted powers to dispose of the property, and which can be left by will or inherited.
Federal Housing Administration:
A federal Agency which insures first mortgages, enabling lenders to loan a very high percentage of the sale price.
FHA loan:
A mortgage insured by the Federal Housing Administration. See the FHA Loan Primer for more details.
First mortgage:
The mortgage that has first claim (or "lien") in the event of a default.
Fixed-rate mortgage:
A mortgage in which the interest rate does not change during the entire term of the loan.
Flood insurance:
Insurance required for properties in federally designated flood areas.
Graduated payment mortgage (GPM):
A mortgage that starts with low monthly payments that increase at a predetermined rate. Be aware that most GPM's include a negative amortization clause.
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