Selling Guide

Published April 07, 2021

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B6-1-03, Eligible VA-Guaranteed Mortgages (08/05/2020)

Introduction

This topic contains information on eligible VA-guaranteed loans, including:

 

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:

  • 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.

  • The dollar amount of the VA guaranty must be at least equal to 25% of the original principal amount of the mortgage loan.

  • Fannie Mae limits the maximum loan amount for VA loans to $625,500 (for contiguous states, the District of Columbia, and Puerto Rico) and $938,250 (for Alaska, Hawaii, Guam, and the U.S. Virgin Islands), regardless of the number of units in the property.

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