What are the acceptable dwelling type as per Fannie Mae?
Acceptable Dwelling Types Dwelling units for security properties may be detached, attached, or semi-detached. in a planned unit development (PUD) or subdivision project.
Can you have 2 second homes Fannie Mae?
Earlier this year, Fannie Mae and Freddie Mac enacted new policies that limited the number of second home and investment property mortgages each of the companies could acquire as part of a government effort to allow the companies to retain more capital. Those limits are now no more.
What are Fannie Mae guidelines?
Fannie Mae guidelines for conventional mortgages
|Fannie Mae guideline type||Minimum requirement|
|Total debt-to-income ratio||Cannot exceed 45%, with some exceptions up to 50%|
|Cash reserves||Up to six months, depending on credit score, down payment amount, DTI ratio, occupancy type and property type|
Which of the following properties is ineligible according to Fannie Mae guidelines?
Projects with Property that is not Real Estate Fannie Mae acquires mortgage loans secured by real estate. Houseboats, boat slips, cabanas, timeshares, and other forms of property that are not real estate are not eligible for delivery to Fannie Mae.
Does Fannie Mae require a full bathroom?
Two weeks after our (former) lender got the appraisal they told us they can’t loan on the property because it doesn’t meet Fannie Mae requirements. The only full bathroom is in a fully finished basement and the lender says FM requires at least one full bathroom above grade.
How many second homes can you own Fannie?
# of Financed Properties Owner Occupied: up to 10 financed Second home: up to 4 financed Investment: up to 4 financed Maximum properties owned regardless if it’s financed or not cannot exceed 15 total properties combined by all borrowers.
What is Fannie Mae’s definition of a second home?
must be suitable for year-round occupancy. the borrower must have exclusive control over the property. must not be rental property or a timeshare arrangement1. cannot be subject to any agreements that give a management firm control over the occupancy of the property.
What are Fannie Mae and Freddie Mac guidelines?
Fannie Mae and Freddie Mac Requirements Debt-to-income (DTI) ratio as high as 43% or 50% in some cases. Credit score of at least 640 or 620 in some cases. Down payment as low as 3% No recent major derogatory credit factors, such as foreclosure, short sale, bankruptcy or repossession.
What is the difference between Fannie Mae and FHA?
The key comparisons of the loans are that a FHA loan has a lower credit score requirement that is lower to qualify and a 3.5 percent down payment which may be less than a Fannie Mae loan. The Fannie Mae loan has a higher credit score requirement at 620 to 640 which is higher than the FHA loan.
What is ineligible property?
Ineligible Property means property that may not be extended an abatement. Ineligible property includes land and any other property type not classified as “Eligible Property”.
Does Fannie Mae require the water heater be double strapped?
California Plumbing Code Section 507.2 requires that all water heaters shall be supported and strapped to prevent movement during an earthquake. Two metal straps, not less than 22 gauge, nor less than 5/8-inch wide shall be used.