Fannie Mae Selling Guide B5-5.3-04 — Massachusetts Resale Restriction Loan Eligibility Requirements
Fannie Mae Selling Guide B5-5.3-04 — Massachusetts Resale Restriction Loan Eligibility Requirements.
Verbatim regulatory text
Verbatim provisions from Fannie Mae Selling Guide B5-5.3-04 — Massachusetts Resale Restriction Loan Eligibility Requirements — each quote is a verified substring of the regulator-published source snapshot, not retyped. Quoted for reference; this is not legal advice. The operational layer (P&P updates, prompts) lives in the regulation update kits.
Fannie Mae Selling Guide B5-5.3-04 — Massachusetts Resale Restriction Loan Eligibility Requirements
B5-5.3-04, Massachusetts Resale Restriction Loan Eligibility Requirements (05/03/2023) Introduction This topic contains information on Massachusetts resale restriction loan eligibility requirements, including: Lender Eligibility Loan Eligibility Requirements Legal Considerations Lender Eligibility Fannie Mae may purchase loans in Massachusetts that are subject to the Affordable Housing Restriction document without further approval from Fannie Mae. This includes any federal, state, or local subsidy program for properties located in Massachusetts. Use of the Affordable Housing Restriction document (copies of which can be obtained from the Massachusetts Housing Finance Agency) without modification, alteration or update, other than filling in the blanks or checking boxes contained in the form, eliminates the need for the lender to review the terms and conditions of the particular subsidy program with respect to loans delivered to Fannie Mae secured by properties in Massachusetts that are subject to resale restriction(s). Loan Eligibility Requirements Published May 6, 2026 791 The Massachusetts Housing Finance Agency requires the use of an Affordable Housing Restriction document in connection with loans secured by properties in Massachusetts that are subject to resale restrictions that survive foreclosure or deed-in-lieu of foreclosure in which it will serve as lender or project administrator. Legal Considerations The Affordable Housing Restriction document provides for third-party modification by the foreclosing servicer and provides for a 120-day time period between notification of foreclosure to the municipality by the foreclosing servicer and the completion of the repurchase of the property by the municipality. While Fannie Mae's standard guidelines require a 90-day time period for notification, use of this instrument for loans subject to a resale restriction secured by property in Massachusetts is acceptable without further approval from Fannie Mae. All other applicable requirements for resale restrictions continue to apply. Recent Related Announcements The table below provides references to recently issued Announcements that are related to this topic. Announcements Issue Date Announcement SEL-2023-04 May 03, 2023 Chapter B5-6, HomeReady Mortgage Introduction This chapter describes product policies and requirements for HomeReady mortgage loans.