Chapter 2
| Section 201 | |
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Requirements
A Military Housing PropertyMilitary Housing PropertyMultifamily rental Property in which 40% or more of the units are occupied by individuals serving in, or employed by, the United States military. is any multifamily rental PropertyPropertyMultifamily residential property securing the Mortgage Loan and including the land (or Leasehold interest in land), Improvements, and personal property (as defined in the Uniform Commercial Code). in which 40% or more of the units are occupied by individuals serving in, or employed by, the United States military.
| Section 202 | |
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Requirements
Fannie Mae will not purchase any 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. secured by a PropertyPropertyMultifamily residential property securing the Mortgage Loan and including the land (or Leasehold interest in land), Improvements, and personal property (as defined in the Uniform Commercial Code). located on a military base or installation.
| Section 203 | |
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Guidance
When underwriting a Military Housing PropertyMilitary Housing PropertyMultifamily rental Property in which 40% or more of the units are occupied by individuals serving in, or employed by, the United States military., you should consider:
- the stability of nearby bases, including deployment/base closing risks;
- historical performance of the PropertyPropertyMultifamily residential property securing the Mortgage Loan and including the land (or Leasehold interest in land), Improvements, and personal property (as defined in the Uniform Commercial Code). during a deployment;
- any impact of military housing plans; and
- ability of the PropertyPropertyMultifamily residential property securing the Mortgage Loan and including the land (or Leasehold interest in land), Improvements, and personal property (as defined in the Uniform Commercial Code). to be re-tenanted if the base closes.