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|
|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.