Both Fannie Mae and Freddie Mac use identical definitions for owner-occupied homes. They consider one-to-four family houses that are occupied by the borrower as their principal residence as owner

2007 Fannie Mae Selling Guide Property and Appraisal Guidelines an appraiser's representation that he or she is approved or qualified by Fannie Mae. • non?realty items that were included in the transaction. FANNIE MAE HIGH BALANCE FIXED PROGRAM SUMMARY "This document and its subject matter are the sole property of Plaza Home Mortgage, Inc., and is intended for its use only. Any unauthorized use, dissemination, or distribution of this document or its subject matter is strictly prohibited. Loan is defined as cash out if the cash out amount exceeds the lesser of $2,000 or 2% of the loan amount. Non-Purchase money seconds are considered cash out. CMG does permit Fannie Mae's Student Loan Cash-Out Refinance. Texas 50 (a)(6) Cash-out refinances are eligible. Refer to Texas Section 50(a)(6) requirements below under Programs. Basically the Code lives on and has been slightly rewritten from the original. Unlike HVCC, Fannie's policy has the force of law behind it. This new policy is clearly illustrated in Fannie Mae's Appraiser Independence Requirements, Fannie, Freddie Mac, the Federal Housing Finance Agency and others developed this specifically to replace HVCC. An investment property mortgage is referred to as a non owner occupied and the home you live in is owner occupied. We will focus on a Fannie Mae mortgage. According to Fannie Mae's underwriting guidelines, the investment property mortgage down payment requirement is 15%. Fannie Mae - HomeReady Page 1 of 3 • 2-4 unit Owner Occupied Properties - Aggregate amount of more than $5000 must be paid in full or paid prior to/at • Full Interior and Exterior Appraisal that meets FNMA requirements. Investment & Non-Owner Occupied Ineligible Purpose Appraisals: Each lender that sells loans to Dollar Bank must ensur