Can a Fannie Mae home be a tenant in place?

Qualified renters occupying a Fannie Mae home at the time of foreclosure may be eligible for the Tenant-in-Place program. It allows you to continue to lease the home for a period of time, providing relief from the foreclosure process on the home, and giving you time to transition to new housing.

How many properties can you finance with Fannie Mae?

If the borrower is financing a second home or investment property that is underwritten through DU and the borrower will have one to six financed properties, Fannie Mae’s standard eligibility policies apply (for example, LTV ratios and minimum credit scores).

What kind of rent control does Fannie Mae have?

Fannie Mae sets rental rates based on figures from comparable area properties, but is still subject to any local rent control laws. Fannie Mae’s Tenants in Place program allows current renters in foreclosed homes to remain in the property.

What are the occupancy requirements for Fannie Mae?

This topic contains information on occupancy type requirements, including: Fannie Mae purchases or securitizes mortgages secured by properties that are principal residences, second homes, or investment properties.

What makes a home a principal residence for Fannie Mae?

A principal residence is a property that the borrower occupies as his or her primary residence. The following table describes conditions under which Fannie Mae considers a residence to be a principal residence even though the borrower will not be occupying the property.

What happens if a project is not eligible for Fannie Mae?

Note: If a lender determines that a project does not meet all of Fannie Mae’s project eligibility requirements but believes that the project has merit and warrants additional consideration, the lender may request an exception (see B4-2.2-07, Projects with Special Considerations and Project Eligibility Waivers, for additional information).