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Part I

Mortgage Loan

Chapter 1
Overview
- Section 101
  Using the Guide
  - 101.01 Organization
  - 101.02 References
- Section 102
  Delegation and Underwriting
- Section 103
  Transaction Approval Memo
- Section 104
  Representations
Chapter 2
Mortgage Loan
- Section 201
  Registration and Multifamily Affordability Estimator
- Section 202
  Delegated Mortgage Loans
- Section 203
  Pre-Review Mortgage Loans
- Section 204
  Letters of Credit
Chapter 3
Borrower, Guarantor, Key Principals, and Principals
- Section 301
  Generally
- Section 302
  Borrower Organizational Structure
- Section 303
  Key Principals, Principals, and Guarantors
- Section 304
  Limited Experienced Owner
- Section 305
  Financial Statements
- Section 306
  Schedule of Real Estate Owned (SREO) (Form 4526)
- Section 307
  Certifications
  - 307.01 Multifamily Underwriting Certificate (Form 6460)
  - 307.02 Brokered Transaction Certifications
- Section 308
  Fraudulent Conveyance
- Section 309
  Applicant Experience Check
- Section 310
  Compliance
- Section 311
  Execution of Non-Recourse Guaranty
- Section 312
  Conflict Mortgage Loans
  - 312.01 Description
  - 312.02 Restrictions

Part II

Property

Chapter 1
Attributes and Characteristics
- Section 101
  Eligible Properties
- Section 102
  Modular Housing
- Section 103
  Multiple Properties
  - 103.01 Single Borrower Ownership
  - 103.02 Joint and Several Borrower Ownership
- Section 104
  Property Check
- Section 105
  Property Ownership; Leasehold
- Section 106
  Ground Leased Properties
- Section 107
  Minimum Occupancy
  - 107.01 Residential Occupancy
  - 107.02 Qualified Occupants
- Section 108
  Certificates of Occupancy
- Section 109
  Phased Properties
- Section 110
  Shared Use Properties
  - 110.01 Eligibility
  - 110.02 Documents
    - 110.02 A Loan Documents
    - 110.02 B Shared Use Documents
- Section 111
  Commercial Leases
- Section 112
  Renewable Energy Generation Systems
- Section 113
  Oil/Gas Wells and Mineral Exploration
  - 113.01 Active Oil and Gas Wells
  - 113.02 Inactive Oil and Gas Wells
- Section 114
  Property Management and Agreement
  - 114.01 Property Management
  - 114.02 Property Management Agreement
Chapter 2
Valuation and Income
Chapter 3
Legal Compliance
- Section 301
  Zoning and Legally Non-Conforming Status
- Section 302
  Easements
- Section 303
  Liens and Encumbrances
  - 303.01 Generally
  - 303.02 Property Previously Secured Bond Financing
- Section 304
  Title Insurance
- Section 305
  Survey
- Section 306
  Security Interests in Personal Property
  - 306.01 Uniform Commercial Code (UCC) Financing Statements
  - 306.02 Creating and Perfecting the Security Interest
Chapter 4
Lease Audits, Inspections, and Reserves
Chapter 5
Property and Liability Insurance

Part III

Products and Features

Chapter 1
Student Housing Properties
- Section 101
  Description
  - 101.01 Student Housing Property
  - 101.02 Dedicated Student Housing Property
- Section 102
  Generally
- Section 103
  Dedicated Student Housing Property
- Section 104
  Underwritten NCF
- Section 105
  Replacement Reserve
  - 105.01 Determining Replacement Reserve
  - 105.02 Replacement Reserve Funding
Chapter 2
Military Housing Properties
- Section 201
  Description
- Section 202
  Ineligible Property Types
- Section 203
  Generally
Chapter 3
Moderate Rehabilitation Mortgage Loans
- Section 301
  Description
- Section 302
  Underwriting
- Section 303
  Rehabilitation Work Costing More than $20,000 Per Unit
  - 303.01 Rehabilitation Work Evaluation Report
  - 303.02 Rehabilitation Reserve Agreement
- Section 304
  Supplemental Mortgage Loans
Chapter 4
Green Mortgage Loans
Chapter 5
Seniors Housing Properties
- Section 501
  Generally
- Section 502
  Eligible Properties
  - 502.01 Eligible Properties
  - 502.02 Ineligible Properties
- Section 503
  Continuing Care Retirement Communities (CCRCs)
- Section 504
  Seniors Housing Property Income
- Section 505
  Replacement Reserve
- Section 506
  Medicaid Funds
  - 506.01 Dependency and Medicaid Transition Reserve
  - 506.02 State Medicaid
- Section 507
  Consultant Reports
Chapter 6
Manufactured Housing Communities
- Section 601
  Description
- Section 602
  Lender Eligibility
- Section 603
  Legal and Property Compliance
- Section 604
  Property Insurance
- Section 605
  Survey
- Section 606
  Property Income and Underwritten NCF
- Section 607
  Replacement Reserve
Chapter 7
Multifamily Affordable Housing Properties
Chapter 8
Cooperative Properties
- Section 801
  Description
- Section 802
  Eligible Mortgage Loans
- Section 803
  Underwriting
- Section 804
  Income Analysis
- Section 805
  Limited Equity Cooperative Properties
Chapter 9
Small Mortgage Loans
- Section 901
  Generally
  - 901.01 Description
  - 901.02 Applicability
- Section 902
  Key Principal Guaranty Obligation
- Section 903
  Occupancy
- Section 904
  Corporate Leases; Leases to One Entity
- Section 905
  Property Income Analysis
  - 905.01 Small Mortgage Loan Underwritten NCF (Underwritten NCF)
  - 905.02 Underwritten DSCR
- Section 906
  Property Management
- Section 907
  Property Condition
- Section 908
  Replacement Reserve
- Section 909
  Environmental Matters and Inspections
- Section 910
  Borrower, Key Principals, Guarantors, and Principals
- Section 911
  Credit Reports
Chapter 10
Adjustable Rate Mortgage (ARM) Loans
- Section 1001
  Description
- Section 1002
  Underwriting
- Section 1003
  Prepayment Terms
  - 1003.01 Generally
  - 1003.02 1% Prepayment Premium Schedule
- Section 1004
  ARM 5/5 Loan Optional 5-Year Adjustable Rate Term Renewal Eligibility
Chapter 11
Structured Adjustable Rate Mortgage (SARM) Loans
- Section 1101
  Description
- Section 1102
  Underwriting
- Section 1103
  Actual Amortization Calculation
- Section 1104
  Prepayment Terms
- Section 1105
  Interest Rate Caps
Chapter 12
Hybrid Adjustable Rate Mortgage (Hybrid ARM) Loans
- Section 1201
  Description
- Section 1202
  Interest Rate Conversion Date
- Section 1203
  Prepayment Terms
- Section 1204
  Monthly Principal and Interest Payments
Chapter 13
Supplemental Mortgage Loans
- Section 1301
  Description
- Section 1302
  Supplemental Mortgage Loans
Chapter 14
Split Mortgage Loans and Bifurcated Mortgage Loans
- Section 1401
  Description
- Section 1402
  Characteristics
Chapter 15
Mezzanine Financing; Preferred Equity and Structured Common Equity
- Section 1501
  Mezzanine Financing
- Section 1502
  Preferred Equity and Structured Common Equity
Chapter 16
Structured Transactions
- Section 1601
  Description
- Section 1602
  Credit Facilities
- Section 1603
  Bulk Deliveries
Chapter 17
Choice Refinance Loans
- Section 1701
  Eligibility
- Section 1702
  Prepayment Premiums
- Section 1703
  Streamlined Underwriting
- Section 1704
  Property Ownership Change
Chapter 18
Bond Transactions and Credit Enhancement Mortgage Loans
- Section 1801
  Description
- Section 1802
  Outside Counsel
  - 1802.01 Engagement
  - 1802.02 Fees
- Section 1803
  Third Parties
  - 1803.01 Generally
  - 1803.02 Remarketing Agent
- Section 1804
  Legal Documents
- Section 1805
  Fannie Mae LIHTC Investment in Credit-Enhanced Bonds
- Section 1806
  Credit Enhancing Fixed Rate Bonds
  - 1806.01 Terms
  - 1806.02 Multiple Fixed Rate Bonds
- Section 1807
  Credit Enhancing Variable Rate Bonds
- Section 1808
  Facility Fee
- Section 1809
  Taxable Tails and Supplemental Mortgage Loans
  - 1809.01 Taxable Tails
  - 1809.02 Supplemental Mortgage Loans
- Section 1810
  Third-Party Subordinate Financing
- Section 1811
  Moderate Rehabilitation Mortgage Loan with Side-by-Side Bond Financing
Chapter 19
Forward Commitments
Chapter 20
Condominium Properties
- Section 2001
  Eligible Mortgage Loans
- Section 2002
  Control
- Section 2003
  Loan Documents
Chapter 21
Sponsor-Dedicated Workforce (SDW) Housing Properties
- Section 2101
  Description
- Section 2102
  Compliance

Part IV

Committing and Delivery

Chapter 1
Pricing, Fees, and Prepayment Premiums
- Section 101
  Pricing
- Section 102
  Fees
- Section 103
  Prepayment Premiums
Chapter 2
Rate Lock and Committing
- Section 201
  Pre-Commitment
- Section 202
  Obtaining a Rate Lock
- Section 203
  Good Faith Deposits
- Section 204
  Commitments
- Section 205
  ASAP Options
Chapter 3
Streamlined Rate Lock
- Section 301
  Description
  - 301.01 Eligibility
  - 301.02 Timing
- Section 302
  Preliminary Underwriting
- Section 303
  Rate Lock
- Section 304
  Commitment
- Section 305
  Rate Lock and Commitment Extensions
- Section 306
  Full Underwriting
- Section 307
  Dual Commitment Option
  - 307.01 Description
  - 307.02 Additional Proceeds
- Section 308
  Streamlined Treasury Lock
Chapter 4
Delivery
- Section 401
  Delivery Deadline
- Section 402
  Submission
  - 402.01 Data and Documents
  - 402.02 Participation Interests
- Section 403
  Warehouse Lender
- Section 404
  Wiring
  - 404.01 Wiring Instructions
  - 404.02 Wiring Payee Codes
- Section 405
  Delivery
  - 405.01 Acceptability and Delivery Tolerance
  - 405.02 Data Changes
- Section 406
  MBS Delivery Options
- Section 407
  Delivery Problems and Changes
  - 407.01 Delivery Problems
  - 407.02 Changing the Book-Entry Date
- Section 408
  Delivery Failure
Chapter 5
Purchase
- Section 501
  Generally
- Section 502
  Purchase Amount
- Section 503
  Third Party MBS Investor Delivery Scenarios
- Section 504
  MBS Mortgage Loan Disclosure
- Section 505
  ASAP
Chapter 6
Structured Transactions
- Section 601
  Registration
- Section 602
  Approval
- Section 603
  Commitment
- Section 604
  Delivery
  - 604.01 Delivery Process
  - 604.02 MSFMS Data Errors
- Section 605
  MBS Disclosure
- Section 606
  Features and Activities
  - 606.01 Process
  - 606.02 Asset Management Activities
Chapter 7
Variable Rate Conversions and Renewals
Chapter 8
Bond Transactions and Credit Enhancement Mortgage Loans
- Section 801
  Credit Enhancement Mortgage Loan Committing and Delivery
- Section 802
  Data and Document Delivery
  - 802.01 Credit Enhancement Mortgage Loans
  - 802.02 Interest Rate Cap

Part V

Servicing and Asset Management

Chapter 1
Servicing
Chapter 2
Reporting and Remitting
Chapter 3
Custodial Accounts
- Section 301
  Generally
- Section 302
  Administration
  - 302.01 Generally
  - 302.02 Deposits
- Section 303
  P&I Custodial Accounts
  - 303.01 Accounts and Deposits
  - 303.02 Withdrawals
- Section 304
  T&I Custodial Accounts
- Section 305
  Custodial Accounts
  - 305.01 Deposits
  - 305.02 Full Disbursement
- Section 306
  Clearing Accounts
- Section 307
  Drafting Accounts
  - 307.01 Establishing Drafting Accounts
  - 307.02 Consolidated Custodial Accounts
- Section 308
  Recordkeeping and Reconciliations
Chapter 4
Asset Management: Loan Document Administration
Chapter 5
Surveillance

Appendix

711.02C

Cash Out

Guidance

There is no limit on the amount of cash out in an FHA Risk SharingFHA Risk SharingMAH Mortgage Loan with mortgage insurance from FHA. transaction.

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