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B6-1-03, Eligible VA-Guaranteed Mortgages (02/02/2022)

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 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.)

Recent Related Announcements

The table below provides references to recently issued Announcements that are related to this topic.

Announcements Issue Date
Announcement SEL-2022-01 February 02, 2022
Announcement SEL-2020-04 August 05, 2020
Announcement SEL-2019-03 April 03, 2019