| Term | Definition |
|---|
| FNMA | Usually referred to as "Fannie Mae", the acronym stands for the Federal National Mortgage Association. |
| For Sale By Owner (FSBO) | An individual homeowner who is attempting to sell his property without a real estate broker. The acronym, FSBO is pronounced "fizzbo." |
| foreclosure | A legal process instituted by a mortgagee or lien creditor after the debtor's default. |
| forfeiture | The loss of property or a privilege due to breaking a law. For example, a landlord may forfeit his or her property to the federal or state government if the landlord knows it is a drug-dealing site but fails to stop the illegal activity. Likewise, a homeowner may lose his house to satisfy IRS debts or if the government suspects the home was bought with money derived from criminal acts. The government may seize and sell the property at auction, often far below its fair market value, before the homeowner has been allowed the due process of a trial. If the homeowner is found not guilty, the government is only required to pay back the amount received at auction, and not the market value. |
| fraud | A misstatement of a material fact made with intent to deceive or made with reckless disregard of the truth, and which actually does deceive. |
| Freddie Mac | Chartered by Congress in 1970, Freddie Mac is a publicly held corporation that purchases mortgages in the secondary mortgage market. Freddie Mac came into being as the Federal Home Loan Mortgage Corporation (FHLMC) with the mission to create a continuous flow of funds to mortgage lenders. By supplying lenders with the money to make mortgages and packaging the mortgages into marketable securities which are sold to investors, Freddie Mac also helps to sustain a stable mortgage credit system which in turn, reduces the mortgage rates paid by homebuyers. Over the years, Freddie Mac has been responsible for opening the door to homeownership for one out of six home buyers in America who would not have qualified otherwise. |
| front foot | One linear foot (12 inches) along the street side of a lot. |
| FSBO | Acronym - For Sale By Owner |
| functional obsolescence | Loss of value of real property caused by modernization or changing tastes or standards; e.g.. single bath, inadequate closet space, etc. Contrast with economic obsolescence. |
| garden home | See patio home |
