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 credit record.

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 (disability). 

Fair Housing and Equal Opportunity (FHEO)                                                                                        Administers and enforces federal laws and establishes policies that make sure all Americans have equal access to the housing of their choice.

Fair Market Value
The highest price a buyer would pay, and the lowest a seller would accept, based on supply and demand.

Fannie Mae (FNMA)
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 classes.

Federal Housing Administration (FHA)
An agency of the U.S. Department of Housing and Urban Development (HUD). Insure residential mortgage loans made by private lenders.

Fee Simple
The greatest possible interest a person can have in real estate.

 FHA Mortgage
A mortgage that is insured by the Federal Housing Administration (FHA). Considered a government loan.

Firm Commitment
A lender’s written agreement to make a loan to a specific borrower on a specific property for a specific amount.

First Mortgage
The mortgage that is first priority among any loans recorded against a property. The first to be paid off in case of sale or foreclosure.Fixed-rate mortgage
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.

Flood Insurance
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