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Law Office of William F. Scofield
William F. Scofield, LLC Attorney at Law
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Glossary
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z all
 
Fair Housing Act
A law that prohibits discrimination in all facets of the homebuying process on the basis of race, color, national origin, religion, sex, familial status, or disability.
 
Fair Market Value
The highest price for a property that a willing buyer would pay and the lowest price a willing seller will agree upon when they are acting freely, carefully, and with complete knowledge of the situation.
 
Fannie Mae (FNMA)
The Federal National Mortgage Association (FNMA); A federally-chartered enterprise owned by private stockholders that purchases residential mortgages and converts them into securities for sale to investors; by purchasing mortgages, Fannie Mae supplies funds that lenders may loan to potential homebuyers. Also see Freddie Mac (FHLMC)
 
Federal Housing Administration (FHA)
A division of the Department of Housing and Urban Development. See FHA mortgage
 
Fee Simple
Absolute title; the highest possible interest in a property.
 
FHA mortgage
Federal Housing Administration; established in 1934 to advance homeownership opportunities for all Americans; assists homebuyers by providing mortgage insurance to lenders to cover most losses that may occur when a borrower defaults; this encourages lenders to make loans to borrowers who might not qualify for conventional mortgages.
 
First Mortgage
A loan used to finance the purchase of a home. The primary lien against a property.
 
First Trust Deed
See Deed Of Trust
 
Fixed Rate Mortgage
A mortgage with an interest rate that remains constant for the life of the loan. The rate is set when the loan is made and never changes. Also see Balloon Mortgage
 
Flood Insurance
Insurance against damage from flooding. A specialized insurance which must be purchased separately. Flood Insurance is only available in areas that are prone to floods.
 
Foreclosure
The legal process used to regain title to a mortgaged property if the borrower defaults. Foreclosure usually involves a forced sale of the property with the proceeds being applied to the mortgage balance.
 
Freddie Mac (FHLMC)
Federal Home Loan Mortgage Corporation (FHLM); a federally-chartered corporation that purchases residential mortgages, securitizes them, and sells them to investors; this provides lenders with funds for new homebuyers. Also see Fannie Mae (FNMA)
 
FRM
See Fixed Rate Mortgage
 
These definitions are provided for informational purposes only. William Scofield, LLC shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.
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