FHA | Stands for Federal Housing Administration. It’s a branch of H.U.D. It’s basic function is to direct housing in a way that Congress mandates by issuing mortgage insurance to institutional lenders on the loans they make. With such loan insurance, lenders are willing to lend with smaller down payments and at lower rates of interest.
Fannie MaevIts an official name of the Federal National Mortgage Association which is one of the largest agencies that buys mortgages from lenders and resells them as securities on the secondary mortgage market.
Fair Market Value | The amount at which property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or sell and both having reasonable knowledge of the relevant facts.
Eviction | The act of depriving a person of the possession of land or rental property that he has held or leased.
Estoppel Certificate | A certificate in which a borrower certifies the amount owed on a mortgage loan and the rate of interest.
Estate | The total assets a person has when he dies, including real property.
Escrow Account | A bank account generally held in the name of the depositor and an escrow agent which is returnable to the depositor or paid to a third person on the fulfillment of a condition.
Equity Right of Redemption | The right to avoid foreclosure action by paying off the debts, interest, and fees that have accumulated on the property.
Equity | The surplus of value which may remain after existing liens are deducted from the property.
Encumbrance | Anything, such as a mortgage, tax, or judgment lien, an easement, a restriction on the use of the land or an outstanding dower right that may diminish the value or use and enjoyment of a property.