Fair Credit Reporting Act
A consumer protection law that regulates the disclosure of consumer credit reports by consumer/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's Community Home Buyer's Program
An income-based community lending model, under which mortgage insurers and Fannie Mae offer flexible underwriting guidelines to increase a low- or moderate-income family's buying power and to decrease the total amount of cash needed to purchase a home. Borrowers who participate in this model are required to attend pre-purchase home-buyer education session.
Federal Home Loan Mortgage Corporation (Freddie Mac or FHLMC)
A federal agency which buys mortgages in the secondary money market from commercial banks and federally insured savings and loan associations
Federal Housing Administration (FHA)
An agency of the Federal Government, which insures certain real estate loans.
Federal Investment in Real Property Tax Act (FIRPTA)
An amount withheld from the sale of Hawaii property when the seller is a foreigner.
Federal National Mortgage Association (Fannie Mae or FNMA)
An agency formerly of the Federal Government that buys and sells mortgages in the secondary money market.
An estate granted absolutely but only so long as a specified event occurs or does not occur.
An estate in real property, by which the owner has the greatest power over the title which it is possible to have, being an absolute estate; an estate of inheritance belonging to the owner, that they may d dispose of, trade, or will, as they so choose.
An estate which is inheritable by particular lineal heirs. Upon lack of such heirs the estate reverts back to the grantor or their heirs.
A mortgage that is insured by the Federal Housing Administration (FHA). Along with VA loans, an FHA loan will often be referred to as a government loan.
A person in a position of great trust and confidence, as the relationship between principal and broker.
A fee paid to a person for the services of putting together the two parties in a real estate transaction.
A lender's agreement to make a loan to a specific borrower on a specific property.
The mortgage that is in first place among any loans recorded against a property. Usually refers to the date in which loans are recorded, but there are exceptions.
A year, used for tax, corporate and accounting purposes which begins on a date other than January 1.
A mortgage in which the interest rate does not change during the entire term of the loan.
An article of personal property, which has been installed in or attached to land or a building thereon, in such a manner, that it is now considered to be a part of the real estate.
Insurance that compensates for physical property damage resulting from flooding. It is required for properties located in federally designated flood areas.
Procedure whereby property pledged as security for a debt is sold to pay the debt in event of default in payments or terms.
Loss of money or anything of value, due to failure to perform; a right expressly given in an installment contract whereby the seller terminates the contract for non-payment, and retains all of the payments previously made by the buyer.
The intentional and successful employment of deception in order to cheat or deceive another person and to thereby gain some dishonest advantage.
An estate in real property for an indefinite and uncertain time, such as a fee simple or a life estate.
Property measurement by the front foot on its street line or waterfront line with each front foot extending the depth of the lot.