FacadeThe front exposure of any building. Often used to describe an artificial or false front which is not consistent with the construction of the rest of the building.
Fair Credit Reporting ActA federal law regulating the way credit agencies disclose consumer credit reports and the remedies available to consumers for disputing and correcting mistakes on their credit history.
Fair Market ValueThe price at which two unrelated parties, under no duress, are willing to transact business.
Fannie MaeA private, shareholder-owned company that works to make sure mortgage money is available for people to purchase homes. Created by Congress in 1938, Fannie Mae is the nation's largest source of financing for home mortgages.
FasciaThe boards that enclose the eaves.
Federal Deposit Insurance Corporation (FDIC)The U.S. Government agency created in 1933 which maintains the stability of and public confidence in the nation's financial system by insuring deposits and promoting safe and sound banking practices.
Federal Housing Administration (FHA)A sub-agency of the U.S. Department of Housing and Urban Development created in the 1930's to facilitate the purchase of homes by low-income, first-time home buyers. It currently provides federally-subsidized mortgage insurance for private lenders.
Fee AppraiserA certified, professional appraiser who forms an opinion of the fair market value of property and receives a set fee in exchange.
Fee SimpleA complete, unencumbered ownership right in a piece of property.
Fee Simple EstateA form or ownership, or holding title to real estate. It is the most complete form of title, having an unconditional and unlimited interest of perpetual duration.
FHA MortgageA mortgage that is insured by the Federal Housing Administration (FHA).
FICO ScoreA credit rating generated by an automated processing of a credit report. Mortgage lenders utilize the score to assist with the credit decision. Higher scores are indicative of better credit. Many situations can negatively effect ones score, including: delinquent accounts, history of late payments, collection accounts, bankruptcy, limited credit history, high credit card/credit line balances. Additionally, other credit report inquiries reduce ones score.
Final Value EstimateThe opinion of value of a piece of property resulting from an appraisal following the USPAP guidelines.
First MortgageThe primary loan or mortgage secured by a piece of property.
Fixed-Rate Mortgage (FRM)A mortgage which has a fixed rate of interest over the life of the loan.
FixtureAny piece of personal property which becomes permanently affixed to a piece of real property.
FlashingThe metal used around the base of roof mounted equipment, or at the junction of angles used to prevent leaking.
Flood InsuranceSupplemental insurance which covers a home owner for any loss due to water damage from a flood. Often required by lenders for homes located in FEMA-designated flood zones.
Floor PlanThe representation of a building which shows the basic outline of the structure, as well as detailed information about the positioning of rooms, hallways, doors, stairs and other features. Often includes detailed information about other fixtures and amenities.
FlueThe furnace exhaust pipe, usually going through the roof.
Flush ValveThe valve between the toilet bowl and the tank.
FMVFair Market Value
FootingThe partially buried support for a vertical structural member such as a post.
ForeclosureThe process whereby a lender can claim the property used by a borrower to secure a mortgage and sell the property to meet the obligations of the loan.
ForfeitureThe loss of property or money due to the failure to meet the obligations of a mortgage or loan secured by that property.
FoundationThe solid structural element upon which a structure is built.
FrontageThe segment of a property that runs along a point of access, such as a street or water front.
FSBOFor Sale By Owner
FTHBFirst Time Home Buyer
Functional ObsolescenceA decrease in the value of property due to a feature or lack thereof which renders the property undesirable. Functional obsolescence can also occur when the surrounding area changes, rendering the property unusable for its originally intended purpose.