Section 903

Occupancy

Requirements

Small Mortgage LoansSmall Mortgage LoansMortgage Loan with an original loan amount less than or equal to $9 million. must achieve Stabilized Residential OccupancyStabilized Residential OccupancyPercentage of Property units physically occupied by Qualified Occupants, per Part II, Chapter 1: Attributes and Characteristics, Section 105.02: Qualified Occupants as adjusted for the applicable Part III products and features. as follows:

If the Property contains...	Then it must have...
10 or more units	at least 90% physical occupancy by Qualified OccupantsQualified OccupantsParty occupying a dwelling unit in a Property in full compliance with a lease. for the 90 days immediately before the Commitment DateCommitment DateDate a Commitment is confirmed by Fannie Mae per Part IV, Chapter 2: Rate Lock and Committing, Section 204: Commitments. .
Less than 10 units	no more than 1 vacant unit as of the Commitment DateCommitment DateDate a Commitment is confirmed by Fannie Mae per Part IV, Chapter 2: Rate Lock and Committing, Section 204: Commitments. , and an average occupancy by Qualified OccupantsQualified OccupantsParty occupying a dwelling unit in a Property in full compliance with a lease. of at least 90% for the 12-month period immediately before the Commitment DateCommitment DateDate a Commitment is confirmed by Fannie Mae per Part IV, Chapter 2: Rate Lock and Committing, Section 204: Commitments. .

If the Property contains...

Then it must have...

10 or more units

at least 90% physical occupancy by Qualified OccupantsQualified OccupantsParty occupying a dwelling unit in a Property in full compliance with a lease. for the 90 days immediately before the Commitment DateCommitment DateDate a Commitment is confirmed by Fannie Mae per Part IV, Chapter 2: Rate Lock and Committing, Section 204: Commitments. .

Less than 10 units

no more than 1 vacant unit as of the Commitment DateCommitment DateDate a Commitment is confirmed by Fannie Mae per Part IV, Chapter 2: Rate Lock and Committing, Section 204: Commitments. , and
an average occupancy by Qualified OccupantsQualified OccupantsParty occupying a dwelling unit in a Property in full compliance with a lease. of at least 90% for the 12-month period immediately before the Commitment DateCommitment DateDate a Commitment is confirmed by Fannie Mae per Part IV, Chapter 2: Rate Lock and Committing, Section 204: Commitments. .

If a Small Mortgage LoanSmall Mortgage LoanMortgage Loan with an original loan amount less than or equal to $9 million. is secured by an MH CommunityMH CommunityResidential real estate development with lots on which manufactured homes are located, together with amenities, utility services, landscaping, roads, and other infrastructure. , then Stabilized Residential OccupancyStabilized Residential OccupancyPercentage of Property units physically occupied by Qualified Occupants, per Part II, Chapter 1: Attributes and Characteristics, Section 105.02: Qualified Occupants as adjusted for the applicable Part III products and features. must comply with Part II, Chapter 1: Attributes and Characteristics, Section 105: Minimum Occupancy.