Fannie Mae (FNMA) - Federal National Mortgage Association. A U.S. government sponsored corporation dealing in the purchase of first mortgages for the secondary market.

Federally-insured loan - A mortgage loan that originates in a federally-insured governmental program like the FHA.

Fee simple estate (or estate in fee simple absolute) - An estate in land of inheritance without condition belonging to the owner.

FHA (Federal Housing Administration) - A federal agency that insures first mortgages, enabling lenders to lend a very high percentage of the sale price.

Financing Statement - A document filed with the Register of Deeds or Secretary of State securing the title to personal property.

Fixed-rate mortgage - A mortgage having a rate of interest that remains the same for the life of the mortgage.

Fixtures - Personal property that is attached to real property and is treated as real property while it is attached, e.g., medicine cabinets, window blinds, and chandeliers.

Flexible interest rate - See variable interest rate.

Flood Certification - A common term for a Federal Emergency Management Agency (FEMA) Standard Flood Hazard Determination Form (SFHDF). This determines whether land or a building is located within a Special Flood Hazard Area for purposes of flood insurance requirements under the National Flood Insurance Pro g r a m .

Foreclosure - A legal proceeding following a default by a borrower in which real estate secured by a mortgage or deed of trust is sold to satisfy the underlying debt.

Forfeiture of Title - Provision in a deed creating a condition which will cause title to be passed to another should certain circumstances occur.

Forgery - The fraudulent signing of another’s name to an instrument such as a deed, mortgage, or check.

Freddie Mac (FHLMC) - Federal Home Loan Mortgage Corporation. A federal agency that purchases both conventional and federally-insured first mortgages from members of the Federal Reserve System and the Federal Home Loan Bank System.