Fannie Mae loan requirements for Florida borrowers.

Fannie Mae purchases or guarantees eligible mortgages originated by lenders. Its requirements help define which loans can be delivered to it. The lender still reviews your application and can have additional requirements.

This guide addresses residential mortgage eligibility. The Fannie Mae Multifamily Guide applies to a different lending business and should not be used as the qualification checklist for a typical home purchase. For financing a larger apartment property, use our multifamily loan page.

Desktop Underwriter, commonly called DU, evaluates the application using multiple risk factors. Current Fannie Mae guidance does not require a minimum credit score for DU casefiles. Manually underwritten loans follow separate minimum-score and eligibility rules. Lenders and mortgage insurers can apply additional requirements.

A DU result is not unconditional funding approval. See Fannie Mae’s credit-score requirements for the current distinctions.

Income must be evaluated for stability, history and expected continuance. Salary, overtime, commissions, business earnings and rental income do not all follow the same calculation. Provide the relevant records rather than relying on a single annual total.

The actual obligations and qualifying income are determined under the applicable rules. See Fannie Mae’s income guidance.

Do not count the same money both as cash spent at closing and as a reserve remaining afterward. Explain transfers and unusual deposits with supporting records.

Confirm the county, legal unit count, occupancy and loan purpose. Conforming loan limits are published by FHFA and vary with the relevant property category and location. A condominium can also require a separate project review.

A second home, investment property, manufactured home or two-to-four-unit property can have requirements beyond those for a standard one-unit principal residence. The most favorable rule for one property category should not be applied to another.

Use the FHFA conforming loan limit resource and our condo loan guide where relevant.

• Which Fannie Mae product and underwriting method are being used?
• Which income sources and debts were included in the calculation?
• What borrower, asset and property conditions remain?
• Are any requirements lender-specific rather than agency-wide?
• What information could change the proposed terms or eligibility?

Share the application goal and any condition or decline reason you want to understand. We can compare the available conventional mortgage options and identify a suitable next step.