source:
  type: guide
  id: fnma-sel-b2-2-03
  authority: Fannie Mae Selling Guide B2-2-03 — Multiple Financed Properties for the
    Same Borrower
  description: Fannie Mae Selling Guide B2-2-03 — Multiple Financed Properties for
    the Same Borrower.
  coverage_tier: operative
obligations:
- id: fnma-sel-b2-2-03-full
  canonical_id: fnma-sel-b2-2-03-full
  section: Fannie Mae Selling Guide B2-2-03 — Multiple Financed Properties for the
    Same Borrower
  type: do
  tags:
  - regulator-direct
  - fnma
  - selling-guide
  - corpus-expansion
  - tier-operative
  primary_source:
    tier: 1
    authority: Fannie Mae Selling Guide B2-2-03 — Multiple Financed Properties for
      the Same Borrower
    source_class: fnma-guide
    source_url: https://singlefamily.fanniemae.com/media/document/pdf/selling-guide
    snapshot_id: 5f7b8b79da595d76
    fetched_at: '2026-05-25T14:09:57Z'
    content_hash: sha256:98cf85a02861bbe84914a0e339b327c8fc131869a8a573882007bbeea60c5701
    paragraph_quote: 'B2-2-03, Multiple Financed Properties for the Same Borrower
      (11/05/2025) Introduction This topic contains information on multiple ﬁnanced
      properties for the same borrower, including: Limits on the Number of Financed
      Properties Reserve Requirements Applying the Multiple Financed Property Policy
      to DU Loan Caseﬁles Limits on the Number of Financed Properties The following
      table describes the limits that apply to the number of ﬁnanced properties a
      borrower may have. Published May 6, 2026 227 Subject Property Occupancy Transaction
      Maximum Number of Financed Properties Principal residence Transactions other
      than HomeReady loans No limit Principal residence HomeReady loans DU and manually
      underwritten - 2 Second home or Investment property All DU - 10 Exception: High
      LTV reﬁnance loans are exempt from the multiple ﬁnanced property policies. See
      B5-7-01, High LTV Reﬁnance Loan and Borrower Eligibility for additional information
      on these loans. The number of ﬁnanced properties calculation includes: the number
      of one- to four-unit residential properties where the borrower is personally
      obligated on the mortgage(s), even if the monthly housing expense is excluded
      from the borrower’s DTI in accordance with B3-6-05, Monthly Debt Obligations
      the total number of properties ﬁnanced (not the number of mortgages on the property
      nor the number of mortgages sold to Fannie Mae), with multiple unit properties
      (such as a two-unit) counting as one property; the borrower’s principal residence
      if it is ﬁnanced; and the cumulative total for all borrowers (though jointly
      ﬁnanced properties are only counted once). For HomeReady loans, ﬁnanced properties
      owned by a non-occupant co-borrower that are owned separately from the borrower
      are excluded from the number of ﬁnanced properties calculation. The following
      property types are not subject to these limitations, even if the borrower is
      personally obligated on a mortgage on the property: commercial real estate,
      multifamily property consisting of more than four units, ownership in a timeshare,
      ownership of a vacant lot (residential or commercial), or ownership of a manufactured
      home on a leasehold estate not titled as real property (chattel lien on the
      home). Examples — Counting Financed Properties A HomeReady borrower is purchasing
      a principal residence and is obligated on a mortgage securing an investment
      property. A non-occupant co-borrower is solely obligated on mortgages securing
      three investment properties. In this instance, the transaction is eligible for
      HomeReady, as the occupant Published May 6, 2026 228 borrower will have two
      ﬁnanced properties. The non-occupant co-borrower’s ﬁnanced properties are not
      included in the property count. The borrower is personally obligated on mortgages
      securing two investment properties and the co- borrower is personally obligated
      on mortgages securing three other investment properties, and they are jointly
      obligated on their principal residence mortgage. The borrower is reﬁnancing
      the mortgage on one of the two investment properties. Thus, the borrowers have
      six ﬁnanced properties. The borrower and co-borrower are purchasing an investment
      property and they are already jointly obligated on the mortgages securing ﬁve
      other investment properties. In addition, they each own their own principal
      residence and are personally obligated on the mortgages. The new property being
      purchased is considered the borrowers'' eighth ﬁnanced property. The borrower
      is purchasing a second home and is personally obligated on their principal residence
      mortgage. Additionally, the borrower owns four two-unit investment properties
      that are ﬁnanced in the name of a limited liability company (LLC) of which they
      have a 50% ownership. Because the borrower is not personally obligated on the
      mortgages securing the investment properties, they are not included in the property
      count and the result is only two ﬁnanced properties. The borrower is purchasing
      and ﬁnancing two investment properties simultaneously. The borrower does not
      have a mortgage lien against their principal residence but does have a ﬁnanced
      second home and is personally obligated on the mortgage, two existing ﬁnanced
      investment properties and is personally obligated on both mortgages, and a ﬁnanced
      building lot. In this instance, the borrower will have ﬁve ﬁnanced properties
      because the ﬁnanced building lot is not included in the property count. Reserve
      Requirements Additional reserve requirements apply to second home and investment
      properties based on the number of ﬁnanced properties the borrower will have.
      The borrower must have suﬃcient assets to close after meeting the minimum reserve
      requirements. See B3-4.1-01, Minimum Reserve Requirements, for the ﬁnanced properties
      requirements. The additional reserve requirements do not apply to HomeReady
      transactions. Applying the Multiple Financed Property Policy to DU Loan Caseﬁles
      DU will determine the number of ﬁnanced properties for the loan caseﬁle based
      on the following data in the online loan application: If the Number of Financed
      Properties ﬁeld is completed, DU will use that as the number of ﬁnanced properties.
      The lender must complete this ﬁeld with the number of ﬁnanced one- to four-unit
      residential properties (including the subject transaction) for which the borrower(s)
      are personally obligated. If the Number of Financed Properties ﬁeld is not provided,
      DU will use the number of residential properties in the Real Estate Owned (REO)
      section that include a mortgage payment, or that are associated with a mortgage
      or HELOC, as the number of ﬁnanced properties. Properties that are identiﬁed
      as commercial, multifamily, land, or farm in the Other Description ﬁeld for
      each speciﬁc REO will not be used when determining the number of ﬁnanced properties.
      If the Number of Financed Properties ﬁeld and the REO information was not provided,
      DU will use the number of mortgages and HELOCs disclosed in the loan application
      as the number of ﬁnanced properties. Note that in order for an accurate assessment
      of the loan to be performed, the REO data must be provided for all owned properties.
      Published May 6, 2026 229 When none of the information above is provided on
      the online loan application, DU will use the number of mortgages and HELOCs
      disclosed on the credit report as the number of ﬁnanced properties. Note: In
      order to account for the subject property, DU will add “1” to the number of
      ﬁnanced properties on purchase and construction transactions when the REO section,
      number of mortgages on the application, or number of mortgages on the credit
      report are used as the number of ﬁnanced properties. After determining the number
      of ﬁnanced properties, DU will use that value to assess the eligibility of the
      loan, the minimum required reserves the lender must verify, and eligibility
      for HomeReady transactions. DU will issue a message informing the lender of
      the number of ﬁnanced properties that DU used and where that information was
      obtained (Number of Financed Properties ﬁeld, REO section, number of mortgages
      on application, or number of mortgages on credit report). If DU used the information
      provided in the Number of Financed Properties ﬁeld or in the REO section, and
      that information is inaccurate, the lender must update the data and resubmit
      the loan caseﬁle to DU. If DU used the number of mortgages and HELOCs on the
      loan application or credit report as the number of ﬁnanced properties, and that
      number is inaccurate, the lender must provide the correct number in the Number
      of Financed Properties ﬁeld, or complete the REO section of the loan application
      and resubmit the loan caseﬁle to DU. Recent Related Announcements The table
      below provides references to recently issued Announcements that are related
      to this topic. Announcements Issue Date Announcement SEL-2025-09 November 05,
      2025 Announcement SEL-2022-05 June 01, 2022 Announcement SEL-2021-08 September
      01, 2021 Announcement SEL-2021-06 July 07, 2021 Announcement SEL-2020-07 December
      16, 2020 Announcement SEL-2019-07 August 07, 2019 Announcement SEL-2019-03 April
      03, 2019 Published May 6, 2026 230'
  judgment: false
