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. | (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.