Is there a minimum or maximum age limit for a borrower?

Fannie Mae purchases or securitizes mortgages made to borrowers who are natural persons and have reached the age at which the mortgage note can be enforced in the jurisdiction where the property is located. There is no maximum age limit for a borrower.

Exceptions to the requirement that borrowers be natural persons are:

• inter vivos revocable trusts,
• HomeStyle Renovation mortgages, and
• land trusts in those states where the beneficiary is an individual.

  Note: Fannie Mae permits land trusts on a negotiated basis for states where land trusts are widely accepted.

For additional information, see B2-2-01, General Borrower Eligibility Requirements.