Nickname for Federal National Mortgage Corporation (FNMA), a tax-paying corporation created by congress to support the secondary mortgages insured by FHA or guaranteed by VA, as well as conventional home mortgages
An agency of the U.S. Department of Housing and Urban Development (HUD). Its main activity is the insuring of residential mortgage loans made by private lenders. The FHA sets standards for construction and underwriting but does not lend money or plan or construct housing
The total dollar amount your loan will cost you. It includes all interest payments for the life of the loan, any interest paid at closing, your origination fee and any other charges paid to the lender and/or broker. Appraisal, credit report and title search fees are not included in the finance charge calculation.
A loan that fixes the interest rate at a prescribed rate for the duration of the loan.
A flood cert or flood certification in real estate is a document that states the flood zone status of real property. FEMA (Federal Emergency Management Agency) flood maps are examined using the address or geographic coordinates of the property. Using the location on the map, the flood certification provider certifies what, if any, flood zone in which the property is located. The type of flood zone determines whether the property is in the floodplain.
A floodplain is an area of land that experiences occasional or periodic flooding. If your home is in a floodplain, you may be required to carry an additional insurance policy, typically issued by the government. Floodplains are defined according to the probability of a flood event occurring. For example, the 100 year flood plain is defined as having a one out of one hundred chance of happening in any given year, not once every one hundred years.
Procedure whereby property pledged as security for a debt or mortgage is sold to pay the debt in the event of default.
Nickname for Federal Home Loan Mortgage Corporation (FHLMC), a federally controlled and operated corporation to support the secondary mortgage market. It purchases and sells residential conventional home mortgages.
For Sale By Owner. Term is used to describe an owner who tries to sell the property themselves without an agent. Realtors pronounce it as “Fizz-bo”.