Fair Market Value
: The price at which a willing seller would sell and a willing buyer would buy, neither being under abnormal pressure.

Fannie Mae
Federal National Mortgage Association - A federally chartered corporation that purchases conventional and government guaranteed real estate loans. The stock of this semi-public corporation is traded on the New York Stock Exchange. Popularly known as Fannie Mae.     [TOP]

FHA
Federal Housing Administration. Its main activity is to insure residential real estate loans made by private lenders. It sets standards for construction and underwriting. FHA neither lends money, nor plans or constructs housing.

FHA Loan
A government-backed mortgage loan supported by the US FHA and the Department of Housing and Urban Development (HUD). A loan offered and insured by the Federal Housing Administration. It is a fixed rate home loan for the purchase of an existing single-family dwelling that is a primary residence not classified as a planned unit development (PUD) or condominium by the Department of Housing and Urban Development (HUD).

Finance Charge
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.

Final Delivery Date (AOT)
Final date for delivery of all AOT loans as specified on the Delivery Schedule.

Final Purchase Date (AOT)
Final date for all AOT loans to be in purchasable form (meet all of Cypress Mortgage's delivery guidelines for purchase) as specified on the Delivery Schedule.      [TOP]

Fixed Rate Loan
A home loan with an interest rate that stays the same during the term of the loan.

Fixed-Rate Mortgage
A mortgage where the interest rate does not change for the life of the loan.

Float
Between the time of application and closing, a borrower may choose to bet on interest rates decreasing by electing to float. Floating is essentially choosing not to lock the interest rate. Since it is the borrower's responsibility to lock his or her rate before (or at) closing, choosing to float is considered risky and may result in a higher interest rate. Request information from your lender regarding lock procedures.

Foreclosure
A legal procedure in which real estate is sold by the lender to pay a defaulting borrower's debt . The procedure pursuant to which a lienholder acquires title to a Mortgaged Property in a foreclosure sale, or pursuant to any other comparable procedure allowed under Applicable Requirements when a loan is in default, including, to the extent applicable, a deed in lieu of foreclosure and, in connection with a Co-op Loan, foreclosure on the stock allocated to a dwelling unit in a residential cooperative housing corporation, in which foreclosure is accomplished by a sale in accordance with the provisions of Article 9 of the Uniform Commercial Code and the security agreement relating to such stock.      [TOP]

Freddie Mac
Federal Home Loan Mortgage Corporation - A private corporation authorized by federal law to provide secondary mortgage market support for conventional real estate loans. Popularly known as Freddie Mac.

Funding Date
With respect to each mortgage loan, the date when mortgage loan proceeds are disbursed to, or on behalf of, the mortgagor, so that the interest accrual begins on the mortgage loan.