Chapter 2

Military Housing Properties

Section 201

Description

Requirements

A Military Housing Property Military Housing PropertyMultifamily rental Property in which 40% or more of the units are occupied by individuals serving in, or employed by, the United States military. is any multifamily rental Property PropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). in which 40% or more of the units are occupied by individuals serving in, or employed by, the United States military.

Section 202

Ineligible Property Types

Requirements

Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! will not purchase any Mortgage Loan Mortgage LoanMortgage debt obligation evidenced, or when made will be evidenced, by the Loan Documents, or  a mortgage debt obligation with a Fannie Mae credit enhancement. Test Notes-SV Test Again Sub-bullet test1 Sub-bullet test2 secured by a Property PropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). located on a military base or installation.

Section 203

Generally

Guidance

When underwriting a Military Housing Property Military Housing PropertyMultifamily rental Property in which 40% or more of the units are occupied by individuals serving in, or employed by, the United States military. , you should consider:

  • the stability of nearby bases, including deployment/base closing risks;
  • historical performance of the Property PropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). during a deployment;
  • any impact of military housing plans; and
  • ability of the Property PropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). to be re-tenanted if the base closes.