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GLOSSARY
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Fannie Mae (Federal National Mortgage Association FNMA)
A quasi-governmental agency that purchases mortgages from banks, mortgage companies, savings and loan associations, etc. to distribute money for residential mortgages.
Federal Discount Rate
The interest rate charged to member banks borrowing from the Federal Reserve.
Fee Simple Estate
Absolute ownership unencumbered by any other interest or estate, subject only to government limitations. 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.
Fixed Rate Mortgage
A mortgage having a rate of interest which remains constant for the life of the mortgage
Floor Area Ratio
A term commonly used to indicate the allowable square footage of a building in proportion to land area, according to zoning requirements.
Foreclosure
A proceeding in or out of court, to extinguish all rights, title, and interest, of the owner(s) of property in order to sell the property to satisfy a lien against it.
Foreclosure Sale
A sale of property used as security for a debt, to satisfy said debt.
Freddie Mac ( Federal Home Loan Mortgage Corporation FHLMC)
An agency that purchases mortgages, and also facilitates secondary mortgages sponsored by the Veteran’s Administration and the Federal Housing Administration.
Functional Obsolescence
A type of depreciation (loss in value) to improvements due to outdated design, utility, and/or materials. When economically feasible to correct, it is called “curable”; when not feasible, “incurable”.
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