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TermDefinition
- Face NailTo install nails into the vertical face of a bearing header or beam.
- Faced ConcreteTo finish the front and all vertical sides of a concrete porch, step(s), or patio. Normally the "face" is broom finished.
- Facing BrickThe brick used and exposed on the outside of a wall. Usually these have a finished texture.
- Failed ListingA failed listing is when a property listed on the MLS fails to sell and the listing is taken off the market.
- Fair Credit Reporting ActA consumer protection law that imposes obligations on (1) credit bureaus (and similar agencies) that maintain consumer credit histories, (2) lenders and other businesses that buy reports from credit bureaus, and (3) parties who furnish consumer information to credit bureaus. Among other provisions, the FCRA limits the sale of credit reports by credit bureaus by requiring the purchaser to have a legitimate business need for the data, allows consumers to learn the information on them in credit bureau files (including one annual free credit report), and specifies procedure for challenging errors in that data.
- FCRAA consumer protection law that imposes obligations on (1) credit bureaus (and similar agencies) that maintain consumer credit histories, (2) lenders and other businesses that buy reports from credit bureaus, and (3) parties who furnish consumer information to credit bureaus. Among other provisions, the FCRA limits the sale of credit reports by credit bureaus by requiring the purchaser to have a legitimate business need for the data, allows consumers to learn the information on them in credit bureau files (including one annual free credit report), and specifies procedure for challenging errors in that data.
- Fair Housing ActA federal law that aims to ensure there’s no discrimination in the housing market based on age, color, disability, familial status, gender, nationality, race, and religion.
- Fair Isaac CorporationThe most common credit-scoring model used by lenders. FICO scores range from 300 to 850. According to this model, a higher score indicates a lower likelihood of loan default.
- FairThe most common credit-scoring model used by lenders. FICO scores range from 300 to 850. According to this model, a higher score indicates a lower likelihood of loan default.
- Isaac ScoreThe most common credit-scoring model used by lenders. FICO scores range from 300 to 850. According to this model, a higher score indicates a lower likelihood of loan default.
- FICOThe most common credit-scoring model used by lenders. FICO scores range from 300 to 850. According to this model, a higher score indicates a lower likelihood of loan default.
- Fair Market RentThe 40th percentile rent for rental units in a given metropolitan area. The FMR is calculated by HUD using data from the American Community Survey, and is updated annually. FMRs are used to determine payment standards for rental assistance, predominantly through HUD’s Section 8 program.
- Fair Market ValueThe agreed-upon price at which property would be transferred between a willing, well-informed buyer and willing, well-informed seller (each of whom has a reasonable knowledge of all pertinent facts and is not under any compulsion to buy or sell) after negotiations driven by the current market conditions.
- FMVThe agreed-upon price at which property would be transferred between a willing, well-informed buyer and willing, well-informed seller (each of whom has a reasonable knowledge of all pertinent facts and is not under any compulsion to buy or sell) after negotiations driven by the current market conditions.
- FallThe dowward slope of drain pipes, typically a minimum of 1/4-inch per foot.
- Fannie MaeA congressionally chartered corporation that buys mortgages on the secondary market from Banks, Savings & Loans, etc., pools them, and sells them as mortgage-backed securities to investors on the open market. Monthly principal and interest payments are guaranteed by FNMA but not by the U.S. Government.
- Federal National Mortgage AssociationA congressionally chartered corporation that buys mortgages on the secondary market from Banks, Savings & Loans, etc., pools them, and sells them as mortgage-backed securities to investors on the open market. Monthly principal and interest payments are guaranteed by FNMA but not by the U.S. Government.
- FNMAA congressionally chartered corporation that buys mortgages on the secondary market from Banks, Savings & Loans, etc., pools them, and sells them as mortgage-backed securities to investors on the open market. Monthly principal and interest payments are guaranteed by FNMA but not by the U.S. Government.
- Fannie Mae SellerOr "Fannie Mae Servicer". A lender that Fannie Mae has approved to sell loans to it and to service loans on Fannie Mae’s behalf.
- FasciaHorizontal boards attached to rafter/truss ends at the eaves and along gables. Roof drain gutters are attached to the fascia.
- Fascia boardHorizontal trim attached to the outside ends of rafters, or to the top of an exterior wall.
- Federal Housing AdministrationAn agency within the U.S. Department of Housing and Urban Development (HUD) that insures mortgages and loans made by private lenders.
- FHAAn agency within the U.S. Department of Housing and Urban Development (HUD) that insures mortgages and loans made by private lenders.
- Federal Reserve BoardThe 7-member Board of Governors that oversees Federal Reserve Banks, establishes monetary policy (interest rates, credit, etc.), and monitors the economic health of the country. Its members are appointed by the President subject to Senate confirmation, and serve 14-year terms. also called the Fed.
- Fee SimpleThe highest degree of ownership that a person can have in real estate. An interest in real estate that gives the owner unqualified ownership and full power of disposition.
- FeltTar paper. Installed under the roof shingles. Normally 15 lb. or 30 lb.
- FerruleMetal tubes used to keep roof gutters "open". Long nails (ferrule spikes) are driven through these tubes and hold the gutters in place along the fascia of the home.
- FHA LoanA type of loan that is issued and insured by the Federal Housing Administration (FHA) of the U.S. Department of Housing and Urban Development (HUD). The down payment required for these types of loans is a lot lower than conventional loans, typically between 3-5 percent of the home value.
- FHA StrapMetal straps that are used to repair a bearing wall "cut-out", and to "tie together" wall corners, splices, and bearing headers. Also, they are used to hang stairs and landings to bearing headers.
- Fiber CementA building material made with cellulose fiber, concrete, and recycled materials, such as glass.
- FiberglassGlass in a fibrous form used in making various types of products including bathtubs.
- FiduciaryA real estate agent and their client may choose to enter a fiduciary relationship, where one party has the legal right to act and make decisions on behalf of the other party.
- Field MeasureTo take measurements (cabinets, countertops, stairs, shower doors, etc.) in the home itself instead of using the blueprints.
- Field MeasurementsAs opposed to blueprint dimensions, field measurements are taken on the home itself.
- Filing FeesThe amount assessed for public recording of mortgage and other property ownership-related documents.
- Finance ChargeThe total of all the interest paid over the entire life of the loan, assuming the loan is kept through maturity, as well as all prepaid finance charges. If any principal is pre-paid during the loan term, monthly payments remain the same, but total finance charge is reduced.
- FinancingThe percentage of the property Purchase Price that will be funded through long-term bank financing.
- Finger JointA manufacturing process of interlocking two shorter pieces of wood end to end to create a longer piece of dimensional lumber or molding. Often used in jambs and casings and are normally painted (instead of stained).
- Finish CarpentryFinish carpentry includes finishing touches such as installing trim, doors, cabinets, stairs, and flooring after the main structural construction is completed.
- Finish CoatWhen painting, a top or final coat.