source:
  type: regulation
  id: fnma-sel-b2-1.4-02
  authority: Fannie Mae Single Family Selling Guide B2-1.4-02, Adjustable-Rate Mortgages (ARMs) (12/10/2025)
  description: "Fannie Mae Single Family Selling Guide topic B2-1.4-02 (Adjustable-Rate Mortgages (ARMs)). Gap-fill\
    \ (verbatim, ID-diff). \n"
obligations:
- id: fnma-sel-b2-1.4-02-0
  canonical_id: fnma-sel-b2-1.4-02-0
  section: Fannie Mae Single Family Selling Guide B2-1.4-02
  description: 'B2-1.4-02 Adjustable-Rate Mortgages (ARMs): Introduction This topic contains information on ARMs,
    including: Overview Acceptable ARM Characteristics ARMs and Temporary Interest Rate Buydowns ARM Plan Indexes
    Standard Conventional ARM Plans Initial Note Rate Limitations Calculating the Fully Indexed Rate Determining
    ARM Acc…'
  type: do
  tags:
  - regulator-direct
  - gap-fill
  - fnma-guide
  - section-complete
  primary_source:
    tier: 1
    authority: Fannie Mae Single Family Selling Guide B2-1.4-02, Adjustable-Rate Mortgages (ARMs) (12/10/2025)
    source_class: gse-guide
    source_url: https://selling-guide.fanniemae.com/
    snapshot_id: 5f7b8b79da595d76
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:98cf85a02861bbe84914a0e339b327c8fc131869a8a573882007bbeea60c5701
    paragraph_quote: 'Introduction This topic contains information on ARMs, including: Overview Acceptable ARM Characteristics
      ARMs and Temporary Interest Rate Buydowns ARM Plan Indexes Standard Conventional ARM Plans Initial Note Rate
      Limitations Calculating the Fully Indexed Rate Determining ARM Acceptability Mortgage Margin Interest Accrual
      Rate Calculation ARMs and MBS Pools Pooling Standard Fannie Mae ARM Plans Without Special Disclosure ARM Disclosures
      Disclosures Regarding Availability of Index Values Disclosures Regarding Below-Market Interest Rates Disclosures
      Regarding Conversions Disclosures Regarding Assumption of ARMs Requirements Regarding Interest Rate and Monthly
      Payment Adjustments ARM Payment Shock DU Generic ARM Plans Generic ARM Underwriting Guidelines Loan-Level
      Price Adjustments Overview Fannie Mae purchases or securitizes fully amortizing ARMs that are originated under
      its standard or negotiated'
    drafter_attestation: Verbatim from Fannie Mae Single Family Selling Guide B2-1.4-02 body (max-gap occurrence),
      snapshot 5f7b8b79da595d76; substring-verified.
  judgment: false
- id: fnma-sel-b2-1.4-02-1
  canonical_id: fnma-sel-b2-1.4-02-1
  section: Fannie Mae Single Family Selling Guide B2-1.4-02
  description: 'B2-1.4-02 Adjustable-Rate Mortgages (ARMs): , 2026 190 plans. For maximum LTV/CLTV/HCLTV ratios
    and credit score requirements for ARMs, see the Eligibility Matrix. Acceptable ARM Characteristics The following
    table describes standard conventional Fannie Mae ARM requirements. ✓ Standard Conventional ARM Requirements
    Fannie …'
  type: do
  tags:
  - regulator-direct
  - gap-fill
  - fnma-guide
  - section-complete
  primary_source:
    tier: 1
    authority: Fannie Mae Single Family Selling Guide B2-1.4-02, Adjustable-Rate Mortgages (ARMs) (12/10/2025)
    source_class: gse-guide
    source_url: https://selling-guide.fanniemae.com/
    snapshot_id: 5f7b8b79da595d76
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:98cf85a02861bbe84914a0e339b327c8fc131869a8a573882007bbeea60c5701
    paragraph_quote: ', 2026 190 plans. For maximum LTV/CLTV/HCLTV ratios and credit score requirements for ARMs,
      see the Eligibility Matrix. Acceptable ARM Characteristics The following table describes standard conventional
      Fannie Mae ARM requirements. ✓ Standard Conventional ARM Requirements Fannie Mae does not set a minimum remaining
      term requirement at the time of loan purchase. The initial adjustment period in months must align with the
      initial ﬁxed-rate period in years. For example, a "3-year ARM" must have an initial ﬁxed period of 36 months,
      and a "5-year ARM" must be 60 months. Each ARM plan must oﬀer lifetime and per-adjustment interest rate change
      limitations. • Lifetime interest rate change limitations apply to interest rate increases only. • Per-adjustment
      interest rate change limitations apply to interest rate increases and decreases. Mortgage interest rates may
      never decrease to less than the ARM’s margin, regardless of any downward interest rate cap. Fannie Mae restricts
      purchase or securitization of seasoned ARMs to those that are delivered as negotiated transactions. ARMs and
      Temporary Interest Rate Buydowns The following table provides parameters pertaining to ARMs subject to temporary
      interest rate buydowns. ✓ ARMs Subject to Interest Rate Buydowns Must be secured by a principal residence
      or second home. Are only permitted with an ARM plan that has an initial interest rate period of three years
      or more.'
    drafter_attestation: Verbatim from Fannie Mae Single Family Selling Guide B2-1.4-02 body (max-gap occurrence),
      snapshot 5f7b8b79da595d76; substring-verified.
  judgment: false
- id: fnma-sel-b2-1.4-02-2
  canonical_id: fnma-sel-b2-1.4-02-2
  section: Fannie Mae Single Family Selling Guide B2-1.4-02
  description: 'B2-1.4-02 Adjustable-Rate Mortgages (ARMs): , 2026 191 ✓ ARMs Subject to Interest Rate Buydowns
    ARM plans that have an initial interest rate period of three years (Plan 4926) must be secured by a one- or
    two-unit property and must be structured as a 2-1 buydown with a buydown period no greater than 24 months. ARM
    plans wit…'
  type: do
  tags:
  - regulator-direct
  - gap-fill
  - fnma-guide
  - section-complete
  primary_source:
    tier: 1
    authority: Fannie Mae Single Family Selling Guide B2-1.4-02, Adjustable-Rate Mortgages (ARMs) (12/10/2025)
    source_class: gse-guide
    source_url: https://selling-guide.fanniemae.com/
    snapshot_id: 5f7b8b79da595d76
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:98cf85a02861bbe84914a0e339b327c8fc131869a8a573882007bbeea60c5701
    paragraph_quote: ', 2026 191 ✓ ARMs Subject to Interest Rate Buydowns ARM plans that have an initial interest
      rate period of three years (Plan 4926) must be secured by a one- or two-unit property and must be structured
      as a 2-1 buydown with a buydown period no greater than 24 months. ARM plans with an initial interest rate
      period greater than three years (Plans 4927, 4928, and 4929) can be structured as either 3-2-1 or 2-1 buydowns
      (or other allowable structures per'
    drafter_attestation: Verbatim from Fannie Mae Single Family Selling Guide B2-1.4-02 body (max-gap occurrence),
      snapshot 5f7b8b79da595d76; substring-verified.
  judgment: false
- id: fnma-sel-b2-1.4-02-3
  canonical_id: fnma-sel-b2-1.4-02-3
  section: Fannie Mae Single Family Selling Guide B2-1.4-02
  description: 'B2-1.4-02 Adjustable-Rate Mortgages (ARMs): Temporary Interest Rate Buydowns). ARM Plan Indexes
    A Fannie Mae ARM plan must be tied to the Secured Overnight Financing Rate (SOFR) Index. SOFR is a broad measure
    of the cost of borrowing cash overnight collateralized by U. S. Treasury securities in the repurchase agreement
    (re…'
  type: do
  tags:
  - regulator-direct
  - gap-fill
  - fnma-guide
  - section-complete
  primary_source:
    tier: 1
    authority: Fannie Mae Single Family Selling Guide B2-1.4-02, Adjustable-Rate Mortgages (ARMs) (12/10/2025)
    source_class: gse-guide
    source_url: https://selling-guide.fanniemae.com/
    snapshot_id: 5f7b8b79da595d76
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:98cf85a02861bbe84914a0e339b327c8fc131869a8a573882007bbeea60c5701
    paragraph_quote: 'Temporary Interest Rate Buydowns). ARM Plan Indexes A Fannie Mae ARM plan must be tied to
      the Secured Overnight Financing Rate (SOFR) Index. SOFR is a broad measure of the cost of borrowing cash overnight
      collateralized by U. S. Treasury securities in the repurchase agreement (repo) market. Fannie Mae uses a 30-day
      average of the SOFR index as published by the Federal Reserve Bank of New York. Standard Conventional ARM
      Plans To qualify as a Fannie Mae standard conventional ARM, the ARM must have all of the characteristics speciﬁed
      in the Standard ARM Plan Matrix for the speciﬁc ARM plan. The Standard ARM Plan Matrix is available on Fannie
      Mae''s website and is incorporated by reference into this Guide. Initial Note Rate Limitations Fannie Mae
      limits the initial note rate for ARMs with initial interest rate periods of less than ﬁve years. The limitation
      requires comparison of the initial note rate to the fully indexed rate that is applicable at the time the
      loan is originated. Calculating the Fully Indexed Rate The fully indexed rate is the sum of the value of the
      applicable index and the mortgage margin, which is then rounded to the nearest one-eighth percent. Note: Unless
      speciﬁc product terms provide otherwise, if the index plus gross margin equals a number that is equidistant
      between the higher and lower one-eighth percent, Fannie Mae rounds down to the nearest one-eighth percent.
      The applicable index value that determines the fully indexed rate is any index value in eﬀect during the 90
      days that precede the note date.'
    drafter_attestation: Verbatim from Fannie Mae Single Family Selling Guide B2-1.4-02 body (max-gap occurrence),
      snapshot 5f7b8b79da595d76; substring-verified.
  judgment: false
- id: fnma-sel-b2-1.4-02-4
  canonical_id: fnma-sel-b2-1.4-02-4
  section: Fannie Mae Single Family Selling Guide B2-1.4-02
  description: 'B2-1.4-02 Adjustable-Rate Mortgages (ARMs): , 2026 192 Determining ARM Acceptability Lenders must
    determine whether an ARM loan is acceptable for purchase by Fannie Mae by subtracting the initial note rate
    of the loan from the fully indexed rate in eﬀect when the loan originated. For 3- and 5-year ARMs, the diﬀerence
    must …'
  type: do
  tags:
  - regulator-direct
  - gap-fill
  - fnma-guide
  - section-complete
  primary_source:
    tier: 1
    authority: Fannie Mae Single Family Selling Guide B2-1.4-02, Adjustable-Rate Mortgages (ARMs) (12/10/2025)
    source_class: gse-guide
    source_url: https://selling-guide.fanniemae.com/
    snapshot_id: 5f7b8b79da595d76
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:98cf85a02861bbe84914a0e339b327c8fc131869a8a573882007bbeea60c5701
    paragraph_quote: ', 2026 192 Determining ARM Acceptability Lenders must determine whether an ARM loan is acceptable
      for purchase by Fannie Mae by subtracting the initial note rate of the loan from the fully indexed rate in
      eﬀect when the loan originated. For 3- and 5-year ARMs, the diﬀerence must not exceed 3%. Mortgage Margin
      The mortgage margin is the “spread” that is added to the index value to develop the interest accrual rate
      for the mortgage. The maximum mortgage margin may be no more than 300 basis points. When lenders oﬀer a deeply
      discounted “teaser” rate for the mortgage, the margin is generally not used in determining the initial interest
      rate, but will be used to determine the interest rate for all future interest rate changes. Interest Accrual
      Rate Calculation ARM instruments provide for each new interest accrual rate to be calculated by adding the
      mortgage margin to the most recent index ﬁgure available 45 days before the interest change date. Fannie Mae
      uniform instruments for all standard ARM plans provide for rounding to the nearest one-eighth. Note: If a
      mortgage instrument provides otherwise, lenders must check with their Fannie Mae customer account team as
      there may be pooling and/or disclosure impact. Interest rate calculations are subject to the applicable per-adjustment
      and lifetime interest rate change limitations. ARMs and MBS Pools MBS pools cannot contain ARMs with provisions
      that allow or require the lender or servicer to change the minimum or maximum interest rate or the mortgage
      margin following an assumption, unless those provisions are waived prior to pooling such mortgage loans. Since
      this is not a feature contained in standard Fannie Mae ARM instruments, the lender must check with its Fannie
      Mae customer account team to determine acceptability of the nonstandard form. If such a unilateral waiver
      is legally precluded because the note provision would be beneﬁcial to the borrower and therefore requires
      borrower consent to waive, Fannie Mae will require evidence of a prior, duly written and executed bilateral
      waiver between the lender and the related borrower before allowing the loan to be pooled. For more information
      on pooling ARMs, see Chapter C3-5, Pooling Loans into ARM MBS. Pooling Standard Fannie Mae ARM Plans Without
      Special Disclosure To be pooled as a standard Fannie Mae ARM plan without a special disclosure, the ARM must
      meet all of the'
    drafter_attestation: Verbatim from Fannie Mae Single Family Selling Guide B2-1.4-02 body (max-gap occurrence),
      snapshot 5f7b8b79da595d76; substring-verified.
  judgment: false
- id: fnma-sel-b2-1.4-02-5
  canonical_id: fnma-sel-b2-1.4-02-5
  section: Fannie Mae Single Family Selling Guide B2-1.4-02
  description: 'B2-1.4-02 Adjustable-Rate Mortgages (ARMs): , 2026 193 standard plan characteristics and must have
    a monthly payment that is due on the ﬁrst day of the month; have an original maturity no longer than 30 years;
    and be originated on the applicable Fannie Mae standard forms, with no modiﬁcations, which cover all other pooling…'
  type: do
  tags:
  - regulator-direct
  - gap-fill
  - fnma-guide
  - section-complete
  primary_source:
    tier: 1
    authority: Fannie Mae Single Family Selling Guide B2-1.4-02, Adjustable-Rate Mortgages (ARMs) (12/10/2025)
    source_class: gse-guide
    source_url: https://selling-guide.fanniemae.com/
    snapshot_id: 5f7b8b79da595d76
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:98cf85a02861bbe84914a0e339b327c8fc131869a8a573882007bbeea60c5701
    paragraph_quote: ', 2026 193 standard plan characteristics and must have a monthly payment that is due on the
      ﬁrst day of the month; have an original maturity no longer than 30 years; and be originated on the applicable
      Fannie Mae standard forms, with no modiﬁcations, which cover all other pooling requirements. See the Standard
      ARM Plan Matrix for additional information. ARM Disclosures Lenders must provide borrowers with disclosures
      in compliance with all applicable laws. Disclosures Regarding Availability of Index Values In addition to
      any disclosures required by applicable law, lenders must inform borrowers that the movement in the index on
      which the mortgage interest rate is based can be monitored and where the value for the index can be obtained.
      A number of periodicals publish current index values. Lenders may refer borrowers to any of the periodicals.
      Lenders should advise borrowers that an alternative published index will be selected (consistent with the
      provisions of the mortgage note) should the original index for a speciﬁc ARM plan no longer be available or
      published. This is commonly referred to as the “fallback” language in the note. Fannie Mae relies on the following
      “oﬃcial” source for the index used for Fannie Mae ARM plans: A 30-day average of the SOFR index as published
      daily by the Federal Reserve Bank of New York. Disclosures Regarding Below-Market Interest Rates Lenders must
      notify borrowers of current index values and mortgage margins if the borrower’s initial interest rate is below-market.
      Unless the lender is already required by regulation to make a comparable disclosure, the lender must show
      by example what the interest rate would be if the loan had been adjusted at the time of origination. Lenders
      must ensure that borrowers are aware of, and prepared for, the possibility of both an interest rate increase
      and a payment increase on the ﬁrst interest rate adjustment date. Disclosures Regarding Conversions Disclosures
      regarding conversions must include the following:'
    drafter_attestation: Verbatim from Fannie Mae Single Family Selling Guide B2-1.4-02 body (max-gap occurrence),
      snapshot 5f7b8b79da595d76; substring-verified.
  judgment: false
- id: fnma-sel-b2-1.4-02-6
  canonical_id: fnma-sel-b2-1.4-02-6
  section: Fannie Mae Single Family Selling Guide B2-1.4-02
  description: 'B2-1.4-02 Adjustable-Rate Mortgages (ARMs): , 2026 194 ✓ Requirement: Conversion Disclosures Must
    Include The instances when the conversion option may be exercised. The time frame within which conversion requests
    must be received. The time frame within which the borrower must return executed conversion documents. Any fees
    …'
  type: do
  tags:
  - regulator-direct
  - gap-fill
  - fnma-guide
  - section-complete
  primary_source:
    tier: 1
    authority: Fannie Mae Single Family Selling Guide B2-1.4-02, Adjustable-Rate Mortgages (ARMs) (12/10/2025)
    source_class: gse-guide
    source_url: https://selling-guide.fanniemae.com/
    snapshot_id: 5f7b8b79da595d76
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:98cf85a02861bbe84914a0e339b327c8fc131869a8a573882007bbeea60c5701
    paragraph_quote: ', 2026 194 ✓ Requirement: Conversion Disclosures Must Include The instances when the conversion
      option may be exercised. The time frame within which conversion requests must be received. The time frame
      within which the borrower must return executed conversion documents. Any fees that will be charged for processing
      the conversion. Note: Fannie Mae allows a $250 fee for ARM plans that have a monthly conversion option and
      a $100 fee for other ARM plans. Once the ARM plan converts to a ﬁxed-rate loan, the mortgage is no longer
      assumable. Any other special conditions. Disclosures Regarding Assumption of ARMs Although Fannie Mae ARMs
      are usually assumable, some plans do restrict assumability. When assumptions are restricted, the lender must
      advise the borrower of the exact nature of the restriction(s). Note: Lenders must disclose to borrowers that
      any ARM plan that includes an option to convert to a ﬁxed-rate mortgage cannot be assumed once the conversion
      option is exercised. See the Standard ARM Plan Matrix for information about the assumability provisions of
      Fannie Mae’s various ARM plans. Requirements Regarding Interest Rate and Monthly Payment Adjustments The following
      requirements apply to interest rate and monthly payment adjustments for ARM loans: The loan being delivered
      must not be subject to any current litigation with respect to the manner in which the interest rate and/or
      payment adjustments were calculated or implemented. The lender must not be servicing other ARMs that include
      interest rate and payment adjustment provisions similar to those of the mortgage being sold to Fannie Mae
      that are the subject of current litigation related to the manner in which adjustments were made. ARM Payment
      Shock ARMs that provide for low initial payments based on ﬁxed introductory rates that expire after a short
      period of time and then adjust to a variable rate for the remaining term of the mortgage loan have the potential
      for'
    drafter_attestation: Verbatim from Fannie Mae Single Family Selling Guide B2-1.4-02 body (max-gap occurrence),
      snapshot 5f7b8b79da595d76; substring-verified.
  judgment: false
- id: fnma-sel-b2-1.4-02-7
  canonical_id: fnma-sel-b2-1.4-02-7
  section: Fannie Mae Single Family Selling Guide B2-1.4-02
  description: 'B2-1.4-02 Adjustable-Rate Mortgages (ARMs): , 2026 195 payment shock. “Payment shock” refers to
    the impact on the borrower’s ability to continue making the mortgage payments once the introductory rate expires.
    After the rate and payment increase, the borrower is subsequently faced with a large increase in monthly PITIA.
    Le…'
  type: do
  tags:
  - regulator-direct
  - gap-fill
  - fnma-guide
  - section-complete
  primary_source:
    tier: 1
    authority: Fannie Mae Single Family Selling Guide B2-1.4-02, Adjustable-Rate Mortgages (ARMs) (12/10/2025)
    source_class: gse-guide
    source_url: https://selling-guide.fanniemae.com/
    snapshot_id: 5f7b8b79da595d76
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:98cf85a02861bbe84914a0e339b327c8fc131869a8a573882007bbeea60c5701
    paragraph_quote: ', 2026 195 payment shock. “Payment shock” refers to the impact on the borrower’s ability to
      continue making the mortgage payments once the introductory rate expires. After the rate and payment increase,
      the borrower is subsequently faced with a large increase in monthly PITIA. Lenders must limit the impact of
      any potential payment shock on an ARM with an initial ﬁxed-rate period of ﬁve years or less by qualifying
      borrowers based on the qualifying rate described in'
    drafter_attestation: Verbatim from Fannie Mae Single Family Selling Guide B2-1.4-02 body (max-gap occurrence),
      snapshot 5f7b8b79da595d76; substring-verified.
  judgment: false
- id: fnma-sel-b2-1.4-02-8
  canonical_id: fnma-sel-b2-1.4-02-8
  section: Fannie Mae Single Family Selling Guide B2-1.4-02
  description: 'B2-1.4-02 Adjustable-Rate Mortgages (ARMs): Qualifying Payment Requirements. DU Generic ARM Plans
    Generic ARM plans are provided for loan caseﬁles underwritten through DU. These generic ARM plans are available:
    as tools for underwriting with DU, and to assist lenders in underwriting negotiated ARMs and standard ARM plans
    t…'
  type: do
  tags:
  - regulator-direct
  - gap-fill
  - fnma-guide
  - section-complete
  primary_source:
    tier: 1
    authority: Fannie Mae Single Family Selling Guide B2-1.4-02, Adjustable-Rate Mortgages (ARMs) (12/10/2025)
    source_class: gse-guide
    source_url: https://selling-guide.fanniemae.com/
    snapshot_id: 5f7b8b79da595d76
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:98cf85a02861bbe84914a0e339b327c8fc131869a8a573882007bbeea60c5701
    paragraph_quote: 'Qualifying Payment Requirements. DU Generic ARM Plans Generic ARM plans are provided for loan
      caseﬁles underwritten through DU. These generic ARM plans are available: as tools for underwriting with DU,
      and to assist lenders in underwriting negotiated ARMs and standard ARM plans that are not speciﬁcally identiﬁed
      in the ARM plan ﬁeld in the DO/DU user interface (such as all SOFR ARM plans). The following generic ARM plans
      are listed in the DO/DU user interface: FM GENERIC, 1 YR, 1% ANNUAL Cap FM GENERIC, 1 YR, 2% ANNUAL Cap FM
      GENERIC, 3 YR FM-GENERIC, 5 YR FM-GENERIC, 7 YR FM-GENERIC, 10 YR Note: The term in these generic plans refers
      to the initial ﬁxed-rate period. Generic plan names, such as FM GENERIC, 10 YR, are only used to submit loan
      caseﬁles to DU. Lenders must identify the applicable Fannie Mae ARM plan number in closing documents and at
      delivery of the loan to Fannie Mae. Generic ARM Underwriting Guidelines DU applies standard Fannie Mae ARM
      underwriting and eligibility guidelines to the generic ARM plan equivalent based on the initial interest rate
      adjustment period. ✓ For generic ARM plans, DU will … apply standard ARM eligibility guidelines. qualify borrowers
      based on ARM qualifying guidelines in'
    drafter_attestation: Verbatim from Fannie Mae Single Family Selling Guide B2-1.4-02 body (max-gap occurrence),
      snapshot 5f7b8b79da595d76; substring-verified.
  judgment: false
- id: fnma-sel-b2-1.4-02-9
  canonical_id: fnma-sel-b2-1.4-02-9
  section: Fannie Mae Single Family Selling Guide B2-1.4-02
  description: 'B2-1.4-02 Adjustable-Rate Mortgages (ARMs): Qualifying Payment Requirements. allow temporary buydowns
    based on standard ARM guidelines.'
  type: do
  tags:
  - regulator-direct
  - gap-fill
  - fnma-guide
  - section-complete
  primary_source:
    tier: 1
    authority: Fannie Mae Single Family Selling Guide B2-1.4-02, Adjustable-Rate Mortgages (ARMs) (12/10/2025)
    source_class: gse-guide
    source_url: https://selling-guide.fanniemae.com/
    snapshot_id: 5f7b8b79da595d76
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:98cf85a02861bbe84914a0e339b327c8fc131869a8a573882007bbeea60c5701
    paragraph_quote: Qualifying Payment Requirements. allow temporary buydowns based on standard ARM guidelines.
    drafter_attestation: Verbatim from Fannie Mae Single Family Selling Guide B2-1.4-02 body (max-gap occurrence),
      snapshot 5f7b8b79da595d76; substring-verified.
  judgment: false
