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< Fannie Mae Loans

Fannie Mae Property Requirements


The property for which you are applying for a loan may have to meet certain requirements. Typically, Fannie Mae Property Requirements apply to second homes, condos, and investment properties only.

For Second Homes

Property must not be a timeshare and must be suitable for year-round residency. The borrower should be the only one with control over what is done with the property (must not be required to rent it and no management company or firm can control it), and must reside there at least some portion of the year. The home should be reasonably close to the borrower’s first home.

Also note, rental income cannot be counted in order to qualify for a loan on a second home.


The requirements for condos will vary depending on the property itself. In general, your broker will have you fill out a questionnaire in order to help them determine if a loan for your condo will conform to FNMA and FMAC guidelines.

Investment Properties

For investment properties, an Operating Income Statement (OIS) will be required. An OIS is a record showing your cash flow and expenses for a particular period of time. A Single Family Comparable Rent Schedule or Small Residential Income Property Appraisal is also required in order to determine how much income may be generated by the investment property.

Borrowers are asked to have 2 years managing similar properties, unless otherwise qualified via PITI. PITI is the combination of factors used to determine a borrower’s housing expense ratio: principal, interest, taxes, and insurance.

The borrower may also be asked to pay "rent loss" insurance. This insurance is used to cover a period of at least 6 months during which the home is not being rented following a casualty.

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