Fair Credit Reporting ActThe Fair Credit Reporting Act is a law that provides a set of rules that credit bureaus must follow. The act protects everyday(...)
Fair Debt Collection Practices ActThe Fair Debt Collection Practices Act (FDCPA) prohibits debt collectors from using deceptive, unfair or abusive practices to collect(...)
Fair Housing ActThe Fair Housing Act is a federal law that was passed in 1968. It prohibits discrimination in the buying, renting, selling or(...)
Fair Market ValueFair market value is the price that a willing buyer will pay to an unrelated but willing seller. Specific circumstances must exist for(...)
Fannie MaeThe Federal National Mortgage Association, known as Fannie Mae, is a government-sponsored enterprise (GSE) that purchases mortgages(...)
Farm Service AgencyEstablished in 1994, the Farm Service Agency is a federal agency responsible for providing loan guarantees and disaster relief to(...)
Farmhouse StyleA farmhouse is a building that serves as the primary residence in a rural or agricultural setting. Historically, farmhouses were often(...)
Fee SimpleFee simple is a term that refers to real estate or land ownership. The owner of the property has full and irrevocable ownership of the(...)
Fee Simple DefeasibleFee simple defeasible is a legal term and type of property ownership, where the ownership is dependent on specific conditions. If the(...)
Fees in APRFees in APR is a term used to highlight the additional costs incurred when getting a loan, such as a mortgage.
FHA 203(b)The FHA 203(b) "may be used to purchase or refinance a new or existing one-to-four family home in both urban and rural areas including(...)
FHA 203(k)An FHA 203k loan is a loan backed by the federal government and given to buyers who want to buy a damaged or older home and do repairs(...)
FHA LoanA Federal Housing Administration (FHA) loan is a mortgage insured by the FHA. By insuring the loan, the FHA offsets the risk(...)
Fiber Cementis a composite building and construction material, used mainly in roofing and facade products because of its strength and durability.
Fiberglass SidingIt has many of the advantages of vinyl siding and fewer disadvantages, but is usually more expensive. ... It has the same profile as(...)
FICO ScoreThe Fair Isaac Corp., known as FICO, is a company that specializes in what it calls “predictive analytics.” It collects information(...)
Fiduciary DeedThese deeds are most frequently used when the seller is acting in a fiduciary capacity, such as the executor or administrator of an(...)
Fiduciary DutyFiduciary duty is a requirement that a person in a position of trust, such as a real estate agent, broker or executor, must act in(...)
Finder’s FeeA finder’s fee is a sum paid to someone for producing a buyer or a seller.
Finished AtticA “Finished Attic” area is defined as "an enclosed area in a house that is suitable for year round use, embodying walls, floors, and(...)
Firm PanelThe Flood Insurance Rate Map (FIRM) is an official flood map used in National Flood Insurance.
First LienA first lien is the first to be paid when a borrower defaults and the property or asset was used as collateral for the debt. A first(...)
First MortgageA first mortgage is the primary loan on a property. A first mortgage has priority over any other claim on the property’s title in the(...)
Fixed-Rate MortgageA fixed-rate mortgage is a financial product that has a constant interest rate for the life of the loan.
Flat FeeA flat fee refers to a fixed charge that a client pays a broker instead of a percentage-based commission.
Flat RoofA Flat roof is what its name suggests, however, it does have a slight pitch to allow of water runoff. Generally used on commercial(...)
Flood Elevation CertificateAn elevation certificate documents important features of your property, including its location, flood zone, building characteristics(...)
Flood InsuranceFlood insurance is a product that covers property loss caused by flooding. The most common way to get flood insurance is by going(...)
Flood Map (FEMA)Flood hazard mapping is an important part of the National Flood Insurance Program (NFIP), as it is the basis of the NFIP regulations(...)
Flood PlainLocated along the edge of rivers, streams and lakes, flood plains play an important role in the environment by holding water overflow,(...)
Flood Zone CodeCodes associated with the severity and type of flooding in the area.
Floor PlanA floor plan is a drawing to scale, showing a view from above, of the relationships between rooms, spaces, traffic patterns, and other(...)
Foam InsulationSpray foam insulation can create an airtight seal that's 24 times less permeable to air infiltration. It can also provide a moisture(...)
ForbearanceForbearance is an agreement between a lender and a borrower to temporarily suspend debt payments.
ForeclosureA legal process in which a lender attempts to recover the balance of a loan from a borrower who has stopped making payments by forcing(...)
Fractional OwnershipFractional ownership is where several people share the ownership of an asset such as a holiday home. Unlike other forms of shared use(...)
Freddie MacFreddie Mac, the informal name of the Federal Home Loan Mortgage Corp., is a U.S. government-sponsored enterprise (GSE) that buys(...)
French StyleFrench house styles tend to be simple, square, and symmetrical. They resemble small manor homes with massive hipped roofs and window(...)
Full RecourseFull recourse is a state in which a debt obligation is owed regardless of the borrower’s personal and financial situation. With full(...)
