Fannie Mae Guidelines
Fannie Mae guidelines are the underwriting standards established by the Federal National Mortgage Association for conventional mortgage loans. Most Florida residential mortgage lenders underwrite to these guidelines, making them the de facto standard for home financing.
Borrower Requirements
- Credit score: Minimum 620; better terms at 740+
- Debt-to-income: Maximum 45-50% with compensating factors
- Down payment: 3% minimum (first-time buyers); 5% (repeat buyers)
- Employment: 2-year stable history in the same field
- Reserves: 2-6 months of mortgage payments in savings (varies by loan type)
Property Requirements
- Appraisal must meet Fannie Mae standards (Form 1004/1073)
- Property must be in acceptable condition with no health/safety hazards
- Title insurance required from an approved underwriter
- Flood insurance required if in a FEMA flood zone
Impact on Florida Closings
Fannie Mae guidelines dictate closing document requirements, appraisal standards, and title insurance specifications. Non-compliance can delay or prevent loan funding.
Related Terms
- Closing — Where Fannie Mae requirements are verified
- Evidence of Title — Title insurance meeting Fannie Mae standards
- Escrow — Escrow requirements under Fannie Mae guidelines
Barnes Walker Title Services
Barnes Walker Title ensures Florida closings comply with Fannie Mae guidelines, providing conforming title insurance and closing documentation. Submit a title inquiry for assistance.
Reviewed by the attorneys at Barnes Walker, Goethe, Shea & Robinson, PLLC