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This document provides a list of special feature codes (SFC) published by Fannie Mae, applicable to the delivery of single-family mortgage loans, along with their definitions and delivery types. It
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How to fill out fannie mae special feature
How to fill out Fannie Mae Special Feature Codes for Mortgage Loans
01
Gather all necessary loan documents including property details, borrower information, and loan structure.
02
Identify the property type (e.g., single-family, multi-family, etc.) and its intended use (primary residence, investment property, etc.).
03
Determine the loan purpose (e.g., purchase, refinance, etc.) to select appropriate codes.
04
Review Fannie Mae’s guidelines for Special Feature Codes to find codes that apply to your loan situation.
05
Fill in the corresponding codes in the specified section of the loan application or electronic platform.
06
Double-check that all codes are accurate and apply to the specific details of the mortgage loan.
07
Submit the completed application with the Special Feature Codes to Fannie Mae for processing.
Who needs Fannie Mae Special Feature Codes for Mortgage Loans?
01
Mortgage lenders who are originating loans that will be sold to Fannie Mae.
02
Loan officers involved in the processing of mortgage applications.
03
Underwriters assessing loan applications for compliance with Fannie Mae’s guidelines.
04
Real estate professionals who need to understand loan options for their clients.
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Can I buy a duplex with 5% down?
Maximum DTI Ratios For manually underwritten loans, Fannie Mae's maximum total DTI ratio is 36% of the borrower's stable monthly income. The maximum can be exceeded up to 45% if the borrower meets the credit score and reserve requirements reflected in the Eligibility Matrix.
What is the 5% rule for Fannie Mae?
Lower Down Payment Requirements for Multi-Family Homes Effective November 18, 2023, Fannie Mae Conventional Loans will allow borrowers to put only 5% down when purchasing a 2-4 unit owner-occupied home. The policy change applies to owner-occupied transactions for the following: Standard purchases. No-cash-out
What property type can't be purchased using a loan that is Fannie Mae eligible?
What is Loan Level Pricing Adjustments (LLPAs)? Fannie Mae and Freddie Mac impose a loan-level pricing adjustment which is a fee that is charged to mortgage borrowers who use a conventional mortgage, and the fee is based on the borrower's level of risk.
Is there a 5 percent deductible for Fannie Mae?
The maximum allowable deductible for all required property insurance perils for one-to four-unit properties is 5% of the property insurance coverage amount.
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What is Fannie Mae Special Feature Codes for Mortgage Loans?
Fannie Mae Special Feature Codes are alphanumeric codes used to identify specific characteristics or features of mortgage loans to ensure they meet Fannie Mae's eligibility guidelines.
Who is required to file Fannie Mae Special Feature Codes for Mortgage Loans?
Lenders who are originating, underwriting, or selling mortgage loans to Fannie Mae are required to file the Special Feature Codes as part of the loan data submission process.
How to fill out Fannie Mae Special Feature Codes for Mortgage Loans?
To fill out the Special Feature Codes, lenders need to reference Fannie Mae's Selling Guide and ensure that the relevant codes are included in the loan delivery data file, indicating the unique features of the mortgage loan.
What is the purpose of Fannie Mae Special Feature Codes for Mortgage Loans?
The purpose of the Special Feature Codes is to clearly communicate loan characteristics to Fannie Mae, facilitating the accurate assessment of the loan for underwriting and compliance with guidelines.
What information must be reported on Fannie Mae Special Feature Codes for Mortgage Loans?
The information that must be reported includes details about the loan's special features such as loan type, borrower qualifications, and any applicable repayment plans or programs that affect the mortgage.
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