Projects with Property that is not Real Estate
Fannie Mae acquires mortgage loans secured by real estate. Houseboats, boat slips, cabanas, timeshares, and other forms of property that are not real estate are not eligible for delivery to Fannie Mae. The marketability and value of individual units in a project may be adversely impacted by the inclusion of non-real estate property such as houseboats, timeshares, and other forms and structures that are not real estate. As such, projects containing these other non-real estate forms of property are not eligible.
Boat slips, cabanas, and other amenities are permitted when owned in common by the unit owners as part of the HOA.
For additional information, see B4-2.1-03: Ineligible Projects, for a complete list of ineligible projects.