Landmark federal law passed in 1965 and amended in 1988 that makes it illegal to deny rent or refuse to sell to anyone based on race, color, religion, sex or national origin. The 1988 amendment expanded the protections to include family status and disability.
The official name of the Federal National Mortgage Association. It is a congressionally chartered, shareholder-owned company that buys mortgages from lenders and resells them as securities on the secondary mortgage market.
A U.S. Department of Agriculture agency that provides credit to farmers and rural residents.
The Federal Home Loan Mortgage Corporation, commonly known as Freddie Mac. The company buys mortgages from lending institutions, pools them with other loans and then sells shares to investors.
This government agency operates a variety of home-loan programs. It's most popular program is the Sec. 203(b) program, which provides low-rate mortgages to buyers who make a down payment as small as 3 percent.
Now officially dubbed Fannie Mae, this federally chartered agency buys mortgages from lending institutions, pools them with other loans and sells shares to investors.
Fee Simple
An interest in land which gives you full right of ownership and which does not end by the passage of time. You can freely transfer this right or leave property to be inherited.
An ancient Chinese belief that the physical characteristics of a house and the positioning of the home will affect the fortunes of the owner.
Furniture, fixtures and equipment. Used as a dollar figure in the bulk sale escrow. Will have a serious tax consequence for both buyer and seller.
Mortgages that are insured by the Federal Housing Administration. The FHA's 203(b) loan program provides low-rate mortgages to buyers who make a down payment as small as 3 percent. The agency also operates loan plans for investors and purchasers of rural property.
Fiduciary
A person, such as an agent, placed in a position of trust. A fiduciary owes his/her client a duty of loyalty and obedience, a duty of exercising due care, and must act in good faith.
A fee in any amount that is paid to someone.
Fixture
An article that was once personal property that has been affixed to real estate.
The owner acts as the agent to avoid paying a sales commission.
A course of action a lender may pursue to delay foreclosure or legal action against a delinquent borrower.
The legal process reserved by a lender to terminate the borrower's interest in a property after a loan has been defaulted. When the process is completed, the lender may sell the property and keep the proceeds to satisfy its mortgage and any legal costs. Any excess proceeds may be used to satisfy other liens or be returned to the borrower.
The relinquishing of property rights by a delinquent borrower.
The common name for the Federal Home Loan Mortgage Corporation, a congressionally chartered institution that buys mortgages from lenders and resells them as securities on the secondary mortgage market.
The portion of property that borders a roadway or body of water.
