Selling Guide

Published December 16, 2020

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What resale restrictions are allowed based on occupancy and property type?

Loan Eligibility and Occupancy Types

The following table describes the eligible transaction types, products, occupancy types, and properties for loans with resale restrictions.

Eligibility Based on Type of Deed Restriction
  Affordable Age-Related
Transaction Types Purchase and Refinance
Products Loans must be fixed-rate or adjustable-rate mortgages with an initial fixed period of five years or more, and can be any Fannie Mae product described in this Guide.
Borrowers Must meet applicable criteria of the deed restriction.

Note: Age-related deed restrictions generally apply to the unit occupant and frequently require only one occupant to be aged 55 and over. In such a case, the borrower could be younger than 55 provided there is a unit occupant aged 55 and over. This occupant can be a non-borrower household member or a renter in the case of investment property.

(It is permissible for both affordable and age-related requirements to apply to a single loan.)
Occupancy Types Principal residence only All occupancy types
Properties One- and two-unit properties, PUDs, condos, and co-ops

Three- and four-unit properties are not eligible.

Manufactured homes are not eligible unless they are located in a PERS-approved project.

 

For additional Information, see B5-5.2-01, Loans With Resale Restrictions: General Information

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