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Federal National Mortgage Association (FNMA, or Fannie Mae) - Corporation created by Congress that buys and sells residential mortgages, providing funds for one in seven mortgages.

Federal Reserve - Central bank of the United States and major regulatory agency for many commercial banks.

Fee Simple - Absolute ownership of real property.

FHA - See Federal Housing Administration.

FHA Loan - Loan insured by the FHA for low to middle income homes, open to all qualified home purchasers.

FHLBB - See Federal Home Loan Bank Board.

FHLMC - See Federal Home Loan Mortgage Corporation.

First Mortgage - A mortgage which is in first lien position, taking priority over all other liens. In the case of a foreclosure, the first mortgage will be repaid before any other mortgages.

First Mortgage Corporation - Us, click here to go to our home page.

Fixed Rate - An interest rate that is fixed for the term of the loan.

Fixed-Rate Mortgage - A mortgage whose interest rate does not change for the life of the loan. Payments are also fixed.