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Get answers to Guide & policy questions with Fannie Mae's AI-powered search tool. Guide Resources Forms, announcements, lender letters, legal documents, and more.
This topic describes Fannie Mae’s property eligibility requirements. The requirements are designed to address a wide range of property types with varying characteristics; however, there may be instances when the unique nature of a particular property may require special consideration.
Gift Funds. A borrower of a mortgage loan secured by a principal residence or second home may use funds received as a personal gift from an acceptable donor. Gift funds may fund all or part of the down payment, closing costs, or financial reserves subject to the minimum borrower contribution requirements below.
Get answers to Guide & policy questions with Fannie Mae's AI-powered search tool. Guide Resources Forms, announcements, lender letters, legal documents, and more.
The application for property A requires reserves of $5,000. The application for property B requires reserves of $10,000. Because the reserves are covering the same properties, the lender does not have to verify $15,000 in reserves, but only those required per each application.
This topic contains general information for income, including: Stable and Predictable Income. Variable Income. Continuity of Income. Determining the Need for Federal Income Tax Returns. Verification of Income for Non-U.S. Citizen Borrowers. Using Nontaxable Income to Adjust the Borrower’s Gross Income.
This topic describes the amount of time that must elapse (the “waiting period”) after a significant derogatory credit event before the borrower is eligible for a new loan salable to Fannie Mae.
Use of Income Calculator. The lender may use Income Calculator to calculate the monthly qualifying income from self-employment. Income Calculator will provide a complete analysis of self-employment income for each borrower on a business-by-business basis and produce a Findings Report.
Fannie Mae purchases or securitizes mortgage loans secured by units in condo, co-op, and PUD projects that meet Fannie Mae's eligibility requirements. To determine whether the project meets these requirements, a number of project review methods are available.
Credit scores are required for most loans purchased or securitized by Fannie Mae. The classic FICO credit score is produced from software developed by Fair Isaac Corporation and is available from the three major credit repositories.