Section 101

Generally

Requirements

For a Mortgage LoanMortgage LoanMortgage debt obligation evidenced, or when made will be evidenced, by the Loan Documents or a mortgage debt obligation with a Fannie Mae credit enhancement. to be eligible for purchase, it must be secured by a multifamily residential property that meets all of the following:

  • contains at least 5 dwelling units;
  • has suitable bathroom and cooking facilities located within each unit;
  • is located in 1 of the 50 states of the United States, the District of Columbia, Puerto Rico, the U.S. Virgin Islands, or Guam;
  • is located on a publicly dedicated, all-weather road, or is accessible by a satisfactory easement from this type of road;
  • consists of either a single parcel or multiple parcels per Part II, Chapter 1: Attributes and Characteristics, Section 102: Multiple Parcels;
  • any commercial space is physically part of, and connected to, the multifamily space, or a stand-alone building that is on the same tax parcel;
  • has adequate water and sewer service, which may be delivered by a public utility or, where commercially acceptable for the market area, by a private system or utility;
  • offers a suitable level of utility service (e.g., electrical, natural gas, plumbing, refuse removal, etc.) for the market area;
  • either complies with all applicable statutes, rules, regulations, and housing and building codes, or is being appropriately remediated;
  • does not contain any Modular HousingModular HousingProperty on which the multifamily Improvements are constructed of sections built off-site, such as modular, prefabricated, panelized, or sectional housing, and then assembled and installed on-site on a permanent foundation (and not a chassis). ; and
  • has access to police and emergency services.