| Term | Definition |
|---|
| Federal Emergency Management Agency (FEMA) | FEMA is the governmental unit that has leadership responsibilities for the Nation's emergency management system. Once the President has declared a major disaster, FEMA coordinates not only its own response activities but also those of as many as 28 other Federal agencies that may participate. FEMA also works with States, territories, and communities during non-disaster periods to help plan for disasters, develop mitigation programs, and anticipate what will be needed when major disasters occur. Among its many responsibilities the agency operates the Federal Insurance Administration, which makes flood insurance available to residents of communities that agree to adopt and enforce sound floodplain management practices. |
| Federal Home Loan Mortgage Corporation (FHLMC) | See Freddie Mac. |
| Federal Housing Administration | The Federal Housing Administration (FHA), a wholly owned government corporation, was established under the National Housing Act of 1934 to improve housing standards and conditions; to provide an adequate home financing system through insurance of mortgages; and to stabilize the mortgage market. FHA was consolidated into the newly established Department of Housing and Urban Development (HUD) in 1965. Since 1934, FHA has been extremely successful in achieving these goals. FHA loans require special a appraisal/inspection that determine if a property meet the agency's minimum property standards. While somewhat more expensive that a conventional loan in terms of interest rates and insurance fees, FHA loans offer slightly more liberal qualifying criteria. The current maximum FHA loan amount in the Houston area, for a single- family home, is $139,650.00 |
| fee simple estate | The most complete form of ownership of real property; absolute ownership. Commonly used to to denote a property where the owner has undivided title to the land on which the property is situated. |
| FHA | The Federal Housing Administration which insures mortgage loans made by approved lenders, in accordance with FHA regulations. |
| FHLMC | Acronym - Federal Home Loan Mortgage Corporation. See Freddie Mac. |
| fiduciary | The relationship of trust, honesty and confidence between agent and principal; the faithful relationship owed by an agent to the principal. |
| finder's fee | A fee charged by real estate brokers and apartment-finding services in exchange for locating a rental property. These fees are permitted by law. Some landlords, however, charge finder's fees merely for renting a place. This type of charge is not legitimate and, in some areas, is specifically declared illegal. |
| first mortgage | A mortgage which is in first lien position, taking priority over all other liens (which are financial encumbrances). |
| fixed rate mortgage | A mortgage with an interest rate and monthly payment that doesn't vary for the term of the loan. |
