fair credit reporting act
|
A consumer protection law that regulates the disclosure of
consumer credit reports by credit reporting agencies and
establishes procedures for correcting mistakes on one's credit
record. |
fair market value
|
The highest price that a buyer, willing but not compelled to
buy, would pay and the lowest a seller, willing but not compelled
to sell, would accept. |
Fannie Mae (FNMA)
|
A New York Stock Exchange company and the largest non-bank
financial services company in the world. It operates pursuant to
a federal charter and is the nation's largest source of financing
for home mortgages. |
Farmer's Home Administratcion (FmHA)
|
U. S. Department of Agriculture agency providing financing
for farmers, residents of rural areas, etc. |
Federal Home Loan Mortgage Corporation (FHLMC)
|
see Freddie Mac |
Federal Housing Administration (FHA)
|
An agency of the U.S. Department of Housing and Urban
Development (HUD). Its main activity is the insuring of
residential mortgage loans made by private lenders. The FHA sets
standards for construction and underwriting but does not lend
money. |
fee simple
|
The greatest possible interest a person can have in real
estate. |
|
fee simple estate
|
An unconditional, unlimited estate of inheritance that
represents the greatest estate and most extensive interest in
land that can be enjoyed. It is of perpetual duration. When the
real estate is in a condominium project, the unit owner is the
exclusive owner only of the air space within his or her portion
of the building (the unit) and is an owner in common with respect
to the land and other common portions of the property. |
FHA mortgage
|
A mortgage that is insured by the Federal Housing
Administration (FHA). |
fiduciary
|
A person charged by law and equity with a higher duty of care
for another person. A person who, as a result of a relationship
with another person, is required by law to place the other
person's interests equal to or ahead of his own in all dealings
involving that other person. The relationship is often created
when the other person approaches the fiduciary to use the
fiduciary's special skills and knowledge, for a fee, to benefit
the other person. Real estate agents, lawyers, trustees,
investment brokers etc. are often fiduciaries. |
first mortgage
|
A mortgage that is the primary lien against a property. |
fixed-rate mortgage
|
A mortgage in which the interest rate does not change during
the entire term of the loan. |
fixture
|
Personal property that becomes real property when attached in
a permanent manner to real estate. |
flood zone
|
follow this link for local
flood zone information |
flood insurance
|
Insurance that compensates for physical property damage
resulting from flooding. It is required for properties located in
federally designated flood areas. |
foreclosure
|
The legal process by which a borrower in default under a
mortgage is deprived of his or her interest in the mortgaged
property. This usually involves a forced sale of the property at
public auction with the proceeds of the sale being applied to the
mortgage debt. |
Freddie Mac (FHLMC)
|
Federal Home Loan Mortgage Corporation. A US agency which
purchases first mortgages on residences. |
freehold estate
|
As opposed to leasehold. A right to or interest in
property. |
front-end ratio
|
A comparison of a borrower's monthly cost of housing with
that borrower's monthly gross income. |