Definition
FICO Score
The credit scoring model most widely used in lending. Mortgage lenders use specific older versions that often differ from consumer-facing scores.
Nearby terms
Fannie Mae
The Federal National Mortgage Association, a government-sponsored enterprise that purchases conforming loans and sets widely used underwriting guidelines.
FHA Loan
A mortgage insured by the Federal Housing Administration, permitting lower credit scores and 3.5% down, with mortgage insurance that is permanent on most current loans.
First Lien
The mortgage with priority over all other liens, paid first in a foreclosure.
Fixed-Rate Mortgage
A loan whose interest rate remains unchanged for the entire term.
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