Real Estate terms starting with F

76 terms

Fair Credit Reporting Act A consumer protection law that regulates the disclosure of consumer credit reports by credit reporting agencies and specifies procedures for challenging…
Fair Housing Act The Fair Housing Act makes it illegal to discriminate, in any phase of selling or renting real estate, against anyone on the basis of race, color…
Fair Market Value Fair market value is the price you would have to pay to buy a particular asset or service on the open market.
Familial Status HUD uses this term to describe a single person, a pregnant woman or a household with children under 18 living with parents or legal custodians who might…
Fanlight A semicircular or semielliptical window above a door, usually inset with radiating glazing bars.
Fannie Mae Fannie Mae has a dual role in the US mortgage market. Specifically, the corporation buys mortgages that meet its standards from mortgage lenders around…
Fannie Mae-Seller/Servicer A lender that Fannie Mae has approved to sell loans to it and to service loans on Fannie Mae's behalf.
Fannie Mae/Freddie Mac Loan Limit The current 2004 Fannie Mae/Freddie Mac loan limit for a single-family home is $333,700 and is higher in Alaska , Guam , Hawaii , and the U.S.
Fascia A horizontal, flat element often combined with a cornice and architrave.
Façade The main exterior face of a building, sometimes distinguished from the other faces by elaboration of architectural or ornamental details.
Federal Facilities Restoration and Reuse Office (FFRRO) EPA's Federal Facilities Restoration and Reuse Office's (FFRRO) overall mission is to facilitate faster, more effective, and less costly cleanup and reuse…
Federal Financial Institutions Examination Council (FFIEC) also known as the Council. The Council is a formal interagency body empowered to prescribe uniform principles, standards, and report forms for the federal…
Federal Home Loan Bank Act of 1932 This Act established the Federal Home Loan Bank Board (“FHLBank Board”), which charters and supervises Federal Savings and Loans Institutions…
Federal Home Loan Bank Board Former name for "Office of Thrift Supervision." See also "Office of Thrift Supervision."
Federal Home Loan Bank Board (“FHLBank Board”) A five-member board established in 1932 by the Federal Home Loan Bank Act. The FHLBank Board provided the FHLBanks with the authority to regulate and…
Federal Home Loan Banks (FHLBanks) The Federal Home Loan Banks are 12 regional cooperative banks that U.S. lending institutions use to finance housing and economic development in their…
Federal Home Loan Mortgage Corporation (FHLMC or Freddie Mac) A quasi-governmental, federally-sponsored organization that acts as a secondary market investor to buy and sell mortgage loans.
Federal Home Loan Mortgage Corporation (FHLMC) An organization that purchases conventional mortgage loans and sells securities based on pools of these loans. Also called "Freddie Mac."
Federal Home Loan Mortgage Corporation (Freddie Mac) A federally chartered corporation that purchases residential mortgages, securitizes them, and sells them to investors; this provides lenders with funds…
Federal Housing Administration (FHA) The Federal Housing Administration (FHA) was established by the federal government in 1937 to make home ownership possible for more people and to…
Federal Housing Enterprises Financial Safety and Soundness Act of 1992 The Act modernized the regulatory oversight of Fannie Mae and Freddie Mac. It created the Office of Federal Housing Enterprise Oversight (“OFHEO”) as…
Federal Insecticide, Fungicide, and Rodenticide Act (FIFRA) Passed in 1972, the Federal Insecticide, Fungicide, and Rodenticide Act (FIFRA) regulates the manufacture and use of pesticides and allows EPA to restrict…
Federal National Mortgage Association (Fannie Mae) A federally chartered corporation that purchases residential mortgages and converts them into securities for sale to investors; by purchasing mortgages…
Federal National Mortgage Association (FNMA or Fannie Mae) A private corporation that acts as a secondary market investor to buy and sell mortgage loans.
Federal National Mortgage Association Charter Act of 1954 (Charter Act) The Charter Act transformed Fannie Mae from a government agency into a public-private, mixed ownership corporation.
Federal Savings and Loan Insurance Corporation (FSLIC) Created by the National Housing Act of 1934, the FSLIC, which was administered by the FHLBank Board, insured savings and loan deposits until 1989.
Federal savings bank A type of "savings and loan association." See also "savings and loan association."
Fee A charge or payment for products and services, a sum paid or charged for a privilege, for example, some financial institutions charge a monthly fee to…
fee simple The maximum form of ownership, with the right to occupy a property and sell it to a buyer at any time.
Fenestration The arrangement, proportioning and design of windows in a building.
Festoon A carved ornament in the form of a band, loop, or wreath, suspended from two points; also called a “garland” or “swag”.
FHA See: Federal Housing Administration.
FHA Approved Lenders Financial institutions that have been approved by FHA for the origination and servicing of FHA-insured mortgages.
FHA mortgage loan A mortgage loan insured by the FHA. Since the 1930s, FHA has insured first mortgages enabling lenders to loan a very high percentage of the purchase price.
FHA-Insured Loan A loan that is insured by the Federal Housing Administration (FHA) of the U.S. Department of Housing and Urban Development (HUD).
FICO Score FICO is an abbreviation for Fair Isaac Corporation and refers to a person's credit score based on credit history.
fifteen-year mortgage A loan with a term of 15 years. Although the monthly payment on a 15-year mortgage is higher than that of a 30-year mortgage, the amount of interest paid…
Finance company A company that makes loans primarily for consumer purchases.
Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA) Enacted by Congress in 1989 in response to the savings and loan crisis of the 1980s, FIRREA abolished FSLIC, transferred its assets, liabilities, and…
Financial Models Financial models are computer simulations designed to forecast the financial performance of a company or project or estimate the impact of key parameters…
Financing Borrowing money to buy something.
Finial The crowning ornament of a pointed element, such as a spire.
Finish The visual characteristics including color, texture and reflectivity of all exterior materials.
Fire insurance Same or similar to "property insurance." See also "property insurance."
First Mortgage A real estate loan which is in a first lien position, taking priority over all other liens.
First Time Home Buyer A person with no ownership interest in a principal residence during the three-year period preceding the purchase of the security property.
Fixed Expenses Payments that do not vary from month to month.
Fixed payment mortgage A loan secured by real property which features a periodic payment of interest and principal that is constant over the term of the loan.
Fixed Rate Mortgage A mortgage with payments that remain the same throughout the life of the loan because the interest rate and other terms are fixed and do not change.
Fixed-Period Adjustable-Rate Mortgage An adjustable-rate mortgage (ARM) that offers a fixed rate for an initial period, typically three to ten years, and then adjusts every six months…
Fixed-Rate Mortgage (FRM) a mortgage loan with a fixed interest rate that remains the same for the life of the loan.
Fixture Personal property permanently attached to real estate or real property that becomes a part of the real estate.
Flashing Strips of sheet metal bent to fit the angle between any two roof surfaces or between the roof and any projection, such as a chimney.
Flemish bond A pattern of brickwork in which each course consists of headers and stretchers laid alternately; each header is centered between the stretcher above and…
Flexible payment mortgage (FPM) A home-purchase loan plan that allows the borrower to pay interest-only for the first several years of the term.
Float 1) The amount of uncollected funds represented by checks in the possession of one bank but drawn on other banks.
Flood Certification Fee A fee charged by independent mapping firms to identify properties located in areas designated as flood zones.
Flood Insurance Flood insurance protects against water from an overflowing river or a hurricane's tidal surge and also covers damage from water that builds up during…
Floor Plan A scaled drawing showing the horizontal arrangement of one level of the building that typically indicates walls, doors and dimensions
FNMA See: Federal National Mortgage Association.
Foliate Decorative leafage, often applied to capitals or moldings.
Forbearance A temporary period of time during which a regular monthly mortgage payment is reduced or suspended.
Foreclosure A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default.
Foreclosure Prevention steps by which the servicer works with the homeowner to find a permanent solution to resolve an existing or impending loan delinquency.
Forfeiture The loss of money, property, rights, or privileges due to a breach of a legal obligation.
Frame The stationary portion of a window unit that is affixed to the facade and holds the sash or other operable portions of the windows.
Fraternal organization A society such as Moose, Shriners, Elks, Knights of Columbus, etc.
Freddie Mac Freddie Mac is a shareholder-owned corporation that was chartered in 1970 to increase the supply of mortgage money that lenders are able to make available…
Free and clear Owning property free and clear is having title to a property without encumbrances; that is, free of liens.
French door or French window A tall casement window that reaches to the floor, usually arranged in two leaves as a double door.
Frequently Asked Questions (FAQ) On the Superfund Web site, you may search for frequently asked questions by topic or by typing in a keyword or phrase.
Frequently Asked Questions About Contaminants Found at Hazardous Waste Sites (ToxFAQs) ATSDR ToxFAQs is a series of summaries about hazardous substances being developed by the ATSDR Division of Toxicology.
Frieze 1. The middle horizontal member of a classical entablature, above the architrave and below the cornice. 2.
Front End Ratio A percentage comparing a borrower's total monthly cost to buy a house (mortgage principal and interest, insurance, and real estate taxes) to monthly…
FSBO (For Sale by Owner) A home that is offered for sale by the owner without the benefit of a real estate professional.
Fully Amortized Mortgage A mortgage in which the monthly payments are designed to retire the obligation at the end of the mortgage term.