source:
  type: guide
  id: fnma-sel-b6-1-01
  authority: Fannie Mae Selling Guide B6-1-01 — General Government Mortgage Loan Requirements
  description: Fannie Mae Selling Guide B6-1-01 — General Government Mortgage Loan
    Requirements.
  coverage_tier: operative
obligations:
- id: fnma-sel-b6-1-01-full
  canonical_id: fnma-sel-b6-1-01-full
  section: Fannie Mae Selling Guide B6-1-01 — General Government Mortgage Loan Requirements
  type: do
  tags:
  - regulator-direct
  - fnma
  - selling-guide
  - corpus-expansion
  - tier-operative
  primary_source:
    tier: 1
    authority: Fannie Mae Selling Guide B6-1-01 — General Government Mortgage Loan
      Requirements
    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: 'B6-1-01, General Government Mortgage Loan Requirements (07/05/2023)
      Introduction This topic contains general information on government mortgage
      loan requirements, including: Overview Lender Eligibility Mortgage Term Age
      of Loans Lien Requirements Rental Property Leases Mortgages Permitting Open-End
      Advances Mortgage Payments Notice of Transfer MBS Pool Parameters Remittance
      Types Credit Score Delivery of Government Mortgage Loans Loan Guaranty or Insurance
      Overview Published May 6, 2026 821 All eligible government mortgage loans purchased
      or securitized by Fannie Mae must comply with the requirements of the respective
      government agency. Those loans must also comply with Fannie Mae requirements
      for government mortgage loans as speciﬁcally addressed in this Selling Guide.
      Lender Eligibility Most government mortgage loans can only be delivered to Fannie
      Mae under a variance in the Lender Contract. Mortgage Term The term of a government
      mortgage loan may not extend more than 30 years beyond the date of the ﬁrst
      monthly payment. Age of Loans All government mortgage loans must be no more
      than six months old measured from the ﬁrst payment date to the "Purchase Ready"
      date (whole loan) or the MBS pool issue date (MBS loan). Lien Requirements The
      security instrument for a government mortgage loan must be a ﬁrst lien on the
      borrower’s real property. The security property may be subject only to liens
      for taxes and special assessments that are not yet due and payable and to conditions,
      restrictions, and encumbrances that Fannie Mae does not consider as material.
      The lender must provide documentation to show that the current installments
      of taxes and assessments (including those that may have been attached as prior
      liens, but are not now in arrears) have been paid or that suﬃcient deposits
      are being collected to pay them. Rental Property Leases When the property that
      secures the mortgage is rented, the rental agreement or lease may not include
      any provision that could aﬀect signiﬁcantly Fannie Mae’s position as mortgagee.
      In some jurisdictions, leases that predate the mortgage have a superior claim
      to the mortgage even if they have not been recorded. Normally, a tenant’s rights
      under a pre-existing lease remain intact on the sale of the leased premises.
      Accordingly, if the lease is not subordinate to the mortgage, the lender must
      review each lease to ensure that any tenant’s rights to purchase the property,
      and any other rights that could aﬀect adversely the mortgagee’s interest, have
      been waived formally by the tenant or tenants. Mortgages Permitting Open-End
      Advances Fannie Mae will purchase or securitize a government mortgage loan that
      includes an open-end advance provision only if the provision gives Fannie Mae
      the option not to make any advances. If funds were advanced prior to delivery,
      the transaction is considered a modiﬁed mortgage that is not eligible for delivery.
      See Published May 6, 2026 822 B2-1.5-02, Loan Eligibility. Mortgage Payments
      Because Fannie Mae will not decline delivery submissions for slight diﬀerences
      in payment calculations, the lender may use any widely accepted amortization
      table or formula. However, the monthly payment provided as part of the delivery
      data and the one that Fannie Mae calculates cannot diﬀer by more than $1.00.
      Notice of Transfer When lenders deliver government mortgage loans to Fannie
      Mae for purchase or securitization, they must report the transfer of the loan
      in accordance with the applicable agency’s requirements, if applicable. MBS
      Pool Parameters Government mortgage loans (for example, FHA-insured, VA-guaranteed,
      HUD-guaranteed, and RD-guaranteed) that are securitized must be pooled in government-preﬁx
      MBS pools. Government mortgage loans cannot be commingled in the same pool with
      conventional mortgage loans. Remittance Types For all government mortgage loans,
      the actual/actual remittance type is required for whole loans. The scheduled/scheduled
      remittance type is required for all government mortgage loans delivered into
      MBS. (Lenders should refer to Fannie Mae’s whole loan committing application
      for additional information regarding eligible whole loan remittance types.)
      Credit Score All government mortgage loans are subject to a minimum representative
      credit score of 620. Manually underwritten government mortgage loans with nontraditional
      credit are exempt from this policy. Delivery of Government Mortgage Loans For
      government mortgage loans, the lender must report all applicable data elements
      at delivery, including but not limited to, the Section of the Act and certain
      government loan-speciﬁc special feature codes. Refer to the Fannie Mae Implementation
      Guide for Loan Delivery Data on Fannie Mae''s website for additional information.
      Loan Guaranty or Insurance For Government Mortgage Loan Guaranty or Insurance,
      see B7-1-05, Government Mortgage Loan Guaranty or Insurance. Published May 6,
      2026 823 Recent Related Announcements The table below provides references to
      recently issued Announcements that are related to this topic. Announcements
      Issue Date Announcement SEL-2023-06 July 05, 2023 Announcement SEL-2023-02 March
      01, 2023 Announcement SEL-2020-04 August 05, 2020'
  judgment: false
