Real Estate Term of the Day: First Mortgage & Second Mortgage FIRST MORTGAGE – a mortgage that has priority as a lien over all other mortgage.  In cases of foreclosure the first mortgage will be satisfied before other mortgages (Barron’s Dictionary of Real Estate Terms) SECOND MORTGAGE – a subordinated lien (lower priority than another), … More Real Estate Term of the Day: First Mortgage & Second Mortgage

Real Estate Term of the Day: Federal Housing Administration FEDERAL HOUSING ADMINISTRATION (aka: FHA) – an agency, within the U.S. Department of Housing and Urban Development, that administers many loan programs, loan guarantee programs, and loan insurance programs designed to make housing available (Barron’s Dictionary of Real Estate Terms) According to the Hud.gov, Congress created the … More Real Estate Term of the Day: Federal Housing Administration

Real Estate Term of the Day: Federal Fair Housing Law FEDERAL FAIR HOUSING LAW – a federal law that forbids discrimination on the basis of race, color, sex, religion, handicap, familial status, or national origin in the selling or renting of homes and apartments (Barron’s Dictionary of Real Estate Terms) Familial status – characteristic determined … More Real Estate Term of the Day: Federal Fair Housing Law