FIND THE DEFINITION FOR ANY REAL ESTATE
TERM
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FAIR HOUSING ACT
The federal law that prohibits discrimination in housing based
on race, color, religion, national origin, sex, handicap and
familial status.
FANNIE MAE
See FEDERAL NATIONAL MORTGAGE ASSOCIATION.
FEDERAL HOME LOAN
MORTGAGE CORPORATION (FHLMC) A corporation established
by the federal government to purchase loans in the secondary
market. Now officially known
by their nickname, FREDDIE MAC. Primarily purchases conventional
loans.
FEDERAL NATIONAL MORTGAGE
ASSOCIATION (FNMA) The oldest U.S. secondary mortgage
market institution. Now officially known by their nickname,
FANNIE MAE. Originally a branch of the federal government,
then privatized in 1968. It remained a private corporation until
recent years when the government reacquired it to deal with
management problems and the mortgage crisis. Purchases
all types of loans from lenders to allow them to have the capital
to make new loans. Lenders must comply with all criteria established
by Fannie Mae from the very beginning of the loan process if
they wish to sell the loan to Fannie Mae later on.
FHLMC See
FEDERAL HOME LOAN MORTGAGE CORPORATION.
FIDUCIARY
1. The relationship
between an agent and a client. A high level of trust and confidence that one
party places in another. 2. Another name for the agent.
FINANCING
Obtaining money to make a purchase from another source, such
as a bank.
FNMA See
FEDERAL NATIONAL MORTGAGE ASSOCIATION.
FREDDIE MAC
See FEDERAL HOME LOAN MORTGAGE CORPORATION.
FSBO A property
that is For Sale By Owner.
FULL WARRANTY DEED
See GENERAL WARRANTY DEED.
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