B6-1-03, Eligible VA-Guaranteed Mortgages (02/02/2022)
Eligible VA-Guaranteed Loans
Fannie Mae may purchase or securitize loans secured by one- to four-unit residential properties that are guaranteed by the VA only under Section 3710 of Title 38 for fixed-payment loans in the United States Code. These VA loans can only be delivered to Fannie Mae on a negotiated basis.
Other Fannie Mae Policies that Pertain to VA Loans
Fannie Mae imposes the following additional policies for VA loans:
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Fannie Mae will purchase or securitize fixed-rate VA-guaranteed loans that are subject to interest rate buydowns as long as the borrower is qualified at the note rate.
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The dollar amount of the VA guaranty must be at least equal to 25% of the original principal amount of the mortgage loan.
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Fannie Mae limits the maximum loan amount for VA loans to the one-unit conforming loan limit based on the county in which the property is located. (The one-unit limit applies regardless of the number of units in the property.)
The table below provides references to recently issued Announcements that are related to this topic.
Announcements | Issue Date |
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Announcement SEL-2022-01 | February 02, 2022 |
Announcement SEL-2020-04 | August 05, 2020 |
Announcement SEL-2019-03 | April 03, 2019 |