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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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