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F

Term Definition
Facade
A building’s outside wall that faces the street.

Face Value
The dollar amount of a property’s value. It is indicated by numbers or words on a document.

Fair Credit Reporting Act
A federal law that gives persons the right to view and correct information about them used by credit reporting services.

Fannie Mae (FNMA)
Federal National Mortgage Association, a federally chartered corporation that buys mortgages, then packages them to sell as securities to buyers.

Federal Fair Housing Law
A federal law that forbids renters or sellers from discriminating on the basis of race, color, sex, religion, or national origin.

Federal Housing Administration (FHA)
An agency within Housing and Urban Development that administers several loan programs with the intention of making more housing available.

Fee Agreement
An agreement between a borrower and a broker which normally specifies the relationship between them and the amount of compensation to the broker.

Fee Simple
Absolute ownership of real property.

Fiduciary Responsibility
An obligation for a party to act in the best interest of another party. This kind of obligation usually exists when one person places special confidence and trust in another person.

First Mortgage
The earliest mortgage on the property. This is determined only by the time of recording, not the size of the loan or mortgage type. When the first mortgage is paid off in full by the buyer, the second mortgage, if extant, becomes the first mortgage.

Fixed Payment Mortgage
A loan featuring a periodic, consistent payment of interet and principal. It is secured by a real property or properties.

Fixed Rate Mortgage
A mortgage with an interest rate that does not change over the life of the loan.

Floodplain
A level land area that may occasionally face the threat of a flood from a nearby body of water.

Forbearance
In the event that a borrower becomes delinquent, a lender may pursue forbearance as a course of action to delay foreclosure.

Foreclosure
The procedure through which a borrower’s rights to a certain property are terminated, usually due to delinquency on a debt. Foreclosure procedures vary widely from state to state.

FRBO
for rent by owner.

Freddie Mac (FHMLC)
Federal National Mortgage Association, a federally chartered corporation that buys mortgages, then packages them to sell as securities to buyers.

FSBO
for sale by owner.

Fully Amortized Adjustable-Rate Mortgage
A mortgage that amortizes (pays down) a loan balance, and has an adjustable rate of interest.

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