You've probably heard some real estate terms and are wondering what in the world they mean. Use this glossary to look them up! If you are wondering what a word or phrase means and I don't have it in the glossary, please send me an email asking!

Fair Housing Act
Landmark federal law that makes it illegal to refuse to rent or sell to anyone based on race, color, religion, sex, or national origin. The 1988 amendments to the act expanded the protections to include family status and disability.

Federal Housing Administration (FHA)
This government agency operates a variety of home-loan programs. Its most popular is the Section 203(b) program, which provides low-rate mortgages to buyers who make a down payment as small as 3 percent.

Federal National Mortgage Association (FNMA, called "Fannie Mae")
Privately owned corporation created by Congress that buys mortgage notes from local lenders and is responsible for the guidelines a majority of lenders use to qualify borrowers.

Fee Simple
This type of ownership, also called fee simple absolute, is the maximum interest a person can have in a piece of real estate. It entitles the owner to use the property in any manner they see fit, in accordance with state and local laws.

Financed Closing Costs
Closing costs that are added to the loan amount. This practice saves the borrower cash up front, but increases the borrower's monthly payment.

Fixed Rate Mortgage
Interest rates on this type of mortgage remain the same over the life of the loan term. (compare to "adjustable rate mortgage")

Fixer-Upper
A house that needs refurbishment or remodeling and usually sells at a below-market price.

Fixture
A recognizable entity (such as a kitchen cabinet or light unit) that is permanently attached to the property and belongs to the property when it is sold.

Flood Certification
The process of determining whether a property is located within a known flood zone. If the property is in a flood zone, the lender will probably require federally provided flood insurance.

Foreclosure
Legal process by which a lender ends the borrower's interest in a property after a loan is defaulted. The lender may sell the property and keep the proceeds for mortgage and legal costs, using excess proceeds to satisfy other liens or return to the borrower.

Foundation
The support structure of a house.

Framing
The construction of the skeletal framework of a house.

Frontage
The portion of property that borders a roadway or body of water.

FSBO
For Sale By Owner-non-Realtor property sold by owner.