Real Estate Terms starting with (F)

The Following are real estate terms and topics: Starting With the Letter (F)

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Are you confused and overwhelmed by the extensive terms and words used in real estate? Every person working in real estate or planning to buy or sell real estate can benefit from learning some of the terms….

Real Estate Terms F

Real Estate Terms F

Fair Credit Reporting Act
The Fair Credit Reporting Act (FCRA) is an American federal law that regulates the collection, dissemination, and use of consumer credit information. It establishes procedures for correcting mistakes on one’s credit record.

Fair market value
Price that probably would be negotiated between a willing seller and a willing buyer in a reasonable time. Usually arrived at by comparable sales in the area.

Fannie Mae
Federal National Mortgage Association; a purchaser of home mortgages, thus serving as a source of funds for mortgage lenders. It is a privately owned corporation whose shares are traded on the New York Stock Exchange and is subject to supervision by HUD.

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.

Fannie 97®
A financing option for a fixed-rate mortgage that offers home buyers a 3 percent down payment loan with either a 25- or 30-year term. The mortgage features a loan-to-value (LTV) percentage of 97 percent, and is designed to expand homeownership opportunities for people with modest incomes.

Federal Housing Administration (FHA)
An insurance contract in which HUD through FHA insures that the named lender will recover a specific percentage of the loan amount from the insurer (FHA) in the event that the loan goes bad.

Fee simple
It is the most common way real estate is owned in common law countries, and is ordinarily the most complete ownership interest that can be had in real property short of allodial title

Fee simple estate
The greatest interest that one can have in real property which is unqualified, of indefinite duration, freely transferable and inheritable

FHA coinsured mortgage
A mortgage for which the Federal Housing Administration (FHA) and the originating lender share the risk of loss in the event of the mortgagor’s default.

FHA mortgage
A mortgage that is insured by the Federal Housing Administration (FHA). Also known as a government mortgage.

First mortgage
A mortgage that, when registered, is first in line on the property, giving the lender superior right to the proceeds of the sale of the property over other, later claimants.

Fixed installment
The monthly payment due on a mortgage loan.

First User Loan
A loan to finance construction of a new structure or purchase of manufactured home where the structure was constructed for sale or the manufactured home was purchased for purposed of resale and the loan is used as or converted to a loan to finance purchase by the first user.

Fixed-rate mortgage (FRM)
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 insurance
Insurance that compensates for physical property damage resulting from flooding.

Forbearance
The act of refraining from actions an individual is legally entitled to take, such as the enforcement of a right or a debt.

Foreclosure
An option of the secured creditor, upon default by the debtor, to orchestrate the sale of the mortgaged property in order to satisfy the outstanding obligation.

Forfeiture
The loss of money, property, rights, or privileges due to a breach of legal obligation.

Fraud
Intentional misrepresentation or concealment of significant fact. Fraud includes false statements and promises which result in losses for other parties.

Freehold Estate
A form of real estate interest that requires the property owner to have actual ownership and possession of the property, but which ownership and possession will not last for a pre-determined period of time.

Fully amortized ARM
An adjustable-rate mortgage (ARM) with a monthly payment that is sufficient to amortize the remaining balance, at the interest accrual rate, over the amortization term

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