Eligibility of Investment Properties
Effective Date: November 4, 2019
The MPF Program is pleased to announce that beginning on November 4, 2019 investment properties will be eligible for delivery under the MPF Xtra product.
MPF Xtra Selling Guide Changes
The following guide changes were made to incorporate the acceptance of investment properties:
- Clarified the acceptable Mortgage Loan Terms. See section 2.3.1.
- A new section has been added to clarify occupancy types that are eligible for delivery under MPF Xtra. See section 2.3.2.
- PFIs must comply with Fannie Mae Selling Guide Chapter B2-2-03: Multiple Financed Properties for the Same Borrower. See section 2.3.3.
- Removed investment properties from the list of ineligible transactions. See section 2.3.4 and section 4.1.1.
PFIs wishing to deliver such loans must ensure the loans meet all applicable eligibility requirements for the MPF Program, including any requirements contained in the MPF Xtra Guides and applicable agreements.
Eligibility of Investment Properties for MPF Traditional
Please note that investment properties are not currently eligible under MPF Traditional, but will be made eligible under the MPF Traditional product at a later date. PFIs should watch for future MPF Announcements which will provide additional information in regards to the eligibility requirements for investment properties under other MPF products.
- MPF Announcement 2019-57