Selling Guide

Published June 3, 2020

The Selling Guide is organized into parts that reflect how lenders generally categorize various aspects of their business relationship with Fannie Mae. To begin browsing, select from any of the sections below. You may also download the entire Selling Guide in PDF format.

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How do the temporary age of document requirements impact single-closing construction-to-permanent transactions?

Note: This FAQ comes from the published COVID-19, FAQs on Underwriting & General

How do the temporary age of document requirements in LL-2020-03 impact single-closing construction-to-permanent transactions? 

For single-closing construction-to-permanent mortgages with loan applications dated during the time frame covered in Lender Letter LL-2020-03, unless the loan meets the requirements for the extended 18 month timeframe permitted in the Selling Guide, the 60-day age of income and asset document requirements stated in the Lender Letter apply at both the time of the original closing date of the construction loan and the time of conversion to permanent financing. For loans meeting the 18 month extended time frame requirements, the age of document requirements apply at the time of original loan closing only.

For more information, refer to the published Lender Letter LL-2020-03, Impact of COVID-19 on Originations.

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