Glossary of Mortgage Terms

Fannie Mae, which stands for Federal National Mortgage Association (FNMA), is a government-sponsored business that buys and guarantees mortgage loans from lenders. This keeps money moving through the housing market so that more Americans can buy and refinance homes.

Fannie Mae HomePath is a website where you can look for and buy homes that Fannie Mae took back through foreclosure. These homes are often sold for less than their market value and come with special financing options.

The Federal Housing Administration backs the FHA 203(b) loan, which is the most common type of government-backed mortgage. You can buy a home with as little as 3.5% down.

You can buy or refinance a fixer-upper with an FHA 203(k) loan, which is a government-backed mortgage that lets you combine the costs of repairs and renovations into one loan.

Before a lender will approve a loan, the Federal Housing Administration (FHA) requires an appraisal of the property. This appraisal finds out the home's market value and makes sure it meets minimum health, safety, and structural standards.

An FHA loan is a government-backed mortgage that lets people with less-than-ideal credit buy a home with as little as 3.5% down.

An FHA refinance replaces your current mortgage with a new loan that is backed by the Federal Housing Administration. This gives homeowners a way to lower their monthly payments, change the terms of their loan, or get access to their home equity.

An FHA streamline refinance is a simple way for homeowners with an existing FHA loan to get a new mortgage with a lower interest rate. This can often be done without an appraisal or proof of income.

An FHA-approved condo is a condo unit or project that meets the Federal Housing Administration's safety, financial, and legal standards. This means that it can get FHA-insured mortgage financing.

A fixture in real estate is a piece of personal property that is permanently attached to a home or piece of land and goes with the property when it is sold.