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Fair Market Value
The price at which property is transferred between a willing buyer and a willing seller, each of whom has reasonable knowledge of all pertinent facts and neither being under any compulsion to buy or sell.
Federal Housing AdministrationFHA
A division of the Department of Housing and Urban Development. Its main activity is the insuring of residential mortgage loans made by private lenders.
Federal Home Loan Mortgage Corporation FHLMC
A private corporation created by Congress to support the secondary mortgage market. It sells participation certificates secured by pools of conventional mortgage loans; principal and interest is guaranteed by the federal government through the FHLMC. Popularly known as Freddie Mac.
Federal National Mortgage Association FNMA
A private corporation created by Congress to support the secondary mortgage market. FNMA sells mortgage-backed securities backed by pools of conventional loans. Payment of principal and interest on these securities is backed by the US Government. Popularly known as Fannie Mae.
An individual or institution responsible for acting in the best interests of another party. A fiduciary is bound by law and duty to put aside personal interests and act in good faith when making decisions for the benefit of another.
A real estate loan that creates a primary claim against real property.
Debt obligations issued by corporations, goverments, or goverment agencies which pay a fixed rate of interest over a defined time period. Bonds and certain mortgage-backed securities are the most common examples of fixed-income investments.