Selling Guide

Published June 3, 2020

The Selling Guide is organized into parts that reflect how lenders generally categorize various aspects of their business relationship with Fannie Mae. To begin browsing, select from any of the sections below. You may also download the entire Selling Guide in PDF format.

View All Selling Policy Updates

Download PDF

Hint: Ask in a form of a question.

For best results, pose your search like a question.

B5-6-04, HomeReady Mortgage Loan Pricing, Mortgage Insurance, and Special Feature Codes (02/28/2017)

Introduction

This topic contains information about HomeReady mortgage loans, including:


Loan-Level Price Adjustments

LLPAs may apply to HomeReady mortgage loans. 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.

Loans where at least one borrower completed housing counseling from a HUD-approved agency are eligible for an LLPA credit. The housing counseling must meet the requirements of, and be documented on Form 1017 in accordance with, B2-2-06, Homeownership Education and Housing Counseling. The loan must be delivered with SFC 184.


Mortgage Insurance Coverage

For mortgage insurance coverage requirements see B7-1-02, Mortgage Insurance Coverage Requirements. Financed borrower-purchased mortgage insurance is allowed for one-unit properties under HomeReady. Refer to B7-1-04, Financed Borrower-Purchased Mortgage Insurance, for additional information about financed mortgage insurance.


Special Feature Codes

Special Feature Code 900 must be delivered for all HomeReady mortgage loans.

In addition, one or more of the following special feature codes may also be required for HomeReady mortgages:

  • loans with a Community Seconds —118,

  • loans where at least one borrower completed housing counseling —184,

  • loans with financed mortgage insurance — 281, and

  • loans for borrowers with “thin” traditional credit files — 818.

For additional information about these codes, see Special Feature Codes.

Have You Tried Ask Poli?

Poli knows. Just ask.

Ask Poli features exclusive Q&As and
more—plus official Selling & Servicing
Guide
content.

Try Ask Poli

Related Articles

B5-6-01, HomeReady Mortgage (09/29/2015)

IntroductionThis topic contains information on HomeReady mortgages, including: Overview  Lender Approval Requirements  Negotiated Variance and...

Read more

B5-6-02, HomeReady Mortgage Loan and Borrower Eligibility (04/01/2020)

IntroductionThis topic contains information on HomeReady mortgage loan and borrower eligibility, including: General Loan Eligibility  Maximum LTV,...

Read more

B5-6-03, HomeReady Mortgage Underwriting Methods and Requirements (07/03/2019)

IntroductionThis topic contains information about HomeReady mortgage loans, including: Underwriting Options  Minimum Borrower Contribution for...

Read more

Have guide questions? Get answers to all of your policy questions, straight from the source.

Get Started
X
Having Issues with Seeing this Page Correctly?

Use Firefox or Chrome   How to do a hard refresh in Internet Explorer
We recommend that you use the latest version of FireFox or Chrome.

Download Firefox
Download Chrome
  A hard refresh will clear the browsers cache for a specific page and force the most recent version of a page.
    Hold the Ctrl key and press the F5 key.
     

Email Us
If you still have Technical Support questions, feel free to emailAsk_Poli@fanniemae.com.