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Mortgage Glossary

Fair Housing Act

A Federal law that prohibits discrimination in the sale, rental, and financing of housing on the basis of race, color, national origin, religion, sex, family status, or disability.

Fair Market Value

The price that a willing buyer and seller agree upon in the open market when given comprehensive information about a home's worth.

Fannie Mae

The Federal National Mortgage Association (FNMA) — a privately-held corporation created by Congress to help make mortgages more available and more affordable. Fannie Mae purchases and sells mortgages to and from lenders on the secondary mortgage market, and is the nation's largest source of home mortgage funding.

Federal Housing Administration (FHA)

U.S. agency that sets standards for underwriting mortgages and insures residential mortgage loans from private lenders. A division of the Department of Housing and Urban Development (HUD).

Federal Housing Administration (FHA) Mortgage

An FHA-insured and guaranteed mortgage loan designed to make purchasing a home more affordable, especially for the first-time homebuyer. FHA loans feature lower down payments and higher qualifying ratios than most conventional mortgages. There are some limits to the amount of money that can be borrowed.

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