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Investment Property Guidelines Fannie Mae and Freddie Mac Checklist (This is for informational purposes only. For details and comprehensive information, refer to the applicable Fannie Mae Selling Guide & Lender Announcements or the Freddie Mac Seller/Servicer Guide) SPECIAL RULES Borrower Relationship Borrower cannot have affiliation with seller, builder, or developer # of Properties Borrower cannot have an interest in more than Fannie: 10 max 1- to 4-unit financed properties, includes primary residence and subject 5-10 financed properties have additional restrictions and requirements Freddie: 4 max 1- to 4-unit financed properties, includes primary residence and subject Owns More than 1 Investment Property Freddie: Only fixed rates or ARMs with initial fixed rates of 7 or 10 yrs. No A-minus Experience Managing Rentals Borrower must have 2 years experience managing rental properties, unless Entire PITI of subject is included in borrowers DTI Fannie: May be waived if condition not listed in DU findings Rent Loss Insurance Six months rent loss insurance required Freddie: Waived if entire debt of subject is used to qualify Fannie: DU will determine Financing Concessions Maximum 2%, regardless of LTV Temporary Buydowns No BORROWER QUALIFYING Income >From Subjec

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