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B2-3-01, General Property Eligibility (06/01/2022)


This topic contains information on Fannie Mae’s property eligibility requirements, including:


Fannie Mae purchases or securitizes eligible mortgages in all markets across a broad geographic range. 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. In those cases, Fannie Mae encourages lenders to contact their Fannie Mae customer account team.

Number of Units

Fannie Mae purchases or securitizes first-lien mortgages that are secured by residential properties when the dwelling consists of one to four units. Under some circumstances, Fannie Mae limits the number of dwelling units for certain types of mortgages or transactions. For the maximum allowable LTV, CLTV, and HCLTV ratios and credit score requirements based on the property type and number of units, see the Eligibility Matrix.

Note: A one-unit property with an accessory dwelling unit (ADU) is defined as a one-unit property and subject to all one-unit requirements, unless otherwise stated. See B2-3-04, Special Property Eligibility Considerations for additional information at ADUs.

Property Location

The security property must be located in

  • the United States (including the District of Columbia),

  • Puerto Rico,

  • the U.S. Virgin Islands, or

  • Guam.

Property Requirements

The mortgaged premises must be

Acceptable Forms of Property Ownership

Title to the property must be held as fee simple, leasehold estate, or as a co-op form of ownership. (See B2-3-03, Special Property Eligibility and Underwriting Considerations: Leasehold Estates; and B4-2.3-04, Loan Eligibility for Co-op Share Loans, for additional information.)

Acceptable Dwelling Types

Dwelling units for security properties may be detached, attached, or semi-detached.

Properties may be located

  • on an individual lot,

  • in a condo project,

  • in a co-op project, or

  • in a planned unit development (PUD) or subdivision project.

Properties located in a condo, co-op, or PUD project must meet Fannie Mae’s project standards requirements (see Chapter B4–2, Project Standards).

Ineligible Properties

Fannie Mae does not purchase or securitize mortgages on

  • vacant land or land development properties;

  • properties that are not readily accessible by roads that meet local standards;

  • agricultural properties, such as farms or ranches;

  • units in condo or co-op hotels (see B4-2.1-03, Ineligible Projects, for additional information;

  • properties that are not secured by real estate such as, houseboats, boat slips, timeshares, and other forms of property that are not real estate (see B4-2.1-03, Ineligible Projects, for additional information;

  • boarding houses;

  • bed and breakfast properties; or

  • properties that are not suitable for year-round occupancy regardless of location.

Note: Group homes are not considered to be boarding houses. They are an eligible property type, including when leased to a business entity for use as a group home.

Loan-Level Price Adjustments

A Loan-Level Price Adjustment (LLPA) applies to certain property types, including multiple-unit properties and units in an attached condo project. These LLPAs are in addition to any other price adjustments that are otherwise applicable to the particular transaction. For the current LLPAs, see the Loan-Level Price Adjustment (LLPA) Matrix.

Recent Related Announcements

The table below provides references to recently issued Announcements that are related to this topic.

Announcements Issue Date
Announcement SEL-2022-05 June 01, 2022
Announcement SEL-2022-01 February 02, 2022
Announcement SEL-2020-05 September 02, 2020
Announcement SEL-2018-09 December 04, 2018
Announcement SEL-2018-05 June 05, 2018


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