Fair Access to Insurance Requirements (FAIR) is a
government pooling plan that offers insurance to people in high-risk
areas who might otherwise be denied coverage.
Fair Credit Reporting Act
A federal consumer protection law regulating the
disclosure of consumer credit reports by consumer/credit reporting
agencies and establishes procedures for correcting mistakes on one's
Fair Housing Act
Title VIII of the Civil Rights
Act of 1968 (Fair Housing Act), as amended, prohibits discrimination in
the sale, rental, and financing of dwellings, and in other
housing-related transactions, based on race, color, national origin,
religion, sex, familial status (including children under the age of 18
living with parents of legal custodians, pregnant women, and people
securing custody of children under the age of 18), and handicap
Fair Housing and Equal
Administers and enforces federal laws and establishes policies that
make sure all Americans have equal access to the housing of their
Fair Market Value
The highest price a buyer would pay, and the lowest a
seller would accept, based on supply and demand.
The Federal National Mortgage Association. Established by congress and
the nation's largest supplier of home mortgage funds. Fannie Mae's
Community Home Buyer's Program
Where mortgage insurers and Fannie Mae offer 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. Borrowers
who participate in this program must attend home-buyer education
Housing Administration (FHA)
An agency of the U.S. Department of Housing and Urban Development
(HUD). Insure residential mortgage loans made by private lenders.
The greatest possible interest a person can have in real estate.
A mortgage that is insured by the Federal Housing Administration (FHA).
Considered a government loan.
A lenderâ€™s written agreement to make a loan to a
specific borrower on a specific property for a specific amount.
The mortgage that is first priority among any loans recorded against a
property. The first to be paid off in case of sale or
A mortgage in where the interest rate doesn't change during the entire
life of the loan.
Personal property that becomes real property when attached
in a permanent manner to real estate. Included when the property is
sold, cannot be removed.
Special Insurance that compensates property owners for property damage
resulting from flooding. It is required for properties located in
federally designated flood areas.
The legal process by where a borrower loses