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Announcement 06-03 Properties Subject to Resale Restrictions or Located on Land Owned by Community L

Announcement 06-03 Properties Subject to Resale Restrictions or Located on Land Owned by Community L 2025

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Announcement 06-03 outlines Fannie Mae's updated guidelines for purchasing mortgages secured by properties with resale restrictions or held by community land trusts. The announcement aims to enhance affordable housing access by expanding eligibility criteria, allowing lenders to deliver such mortgages without special approval, and modifying loan-to-value calculations based on appraised values. Key changes include provisions for third-party notifications, the inclusion of various subsidy providers, and specific requirements for community land trust properties.

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Click ‘Get Form’ to open the Announcement 06-03 document in our platform.
Begin by reviewing the introductory section, which outlines the purpose of the announcement and its significance in supporting affordable housing initiatives.
Fill out the eligibility criteria section. Ensure you provide accurate information regarding eligible subsidy providers, borrowers, and properties as specified in the guidelines.
Complete the sections detailing allowable resale restrictions. Be sure to include any income or age limits that apply to your situation.
If applicable, address the mortgage insurance requirements and ensure all necessary documentation is attached for verification.
Review your entries for accuracy before saving or exporting your completed form. Utilize our editor's features to make any necessary adjustments easily.

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What is the most likely reason deed restrictions are placed on real property?

Deed restrictions are often used to protect the value of neighboring properties by limiting the types of activities that can take place on the restricted property. Common examples of deed restrictions include prohibitions against commercial development, minimum lot size, and maximum building height.

What is the most typical purpose of a deed restriction?

Deed restrictions have been used for years by developers and condominium associations, typically to place limits on home size or aesthetic choices, for example, limiting the choices of acceptable exterior paint colors of homes within a subdivision.

What is the meaning of deed restriction?

A deed restriction is a binding agreement that places permanent restrictions on the property. In the case of this program, the deed restriction will restrict the unit to use as a full-time residence, with occupants required to meet income and employment qualifications.

Does Fannie Mae allow deed restrictions?

The purchase contract that Fannie Mae requires buyers to use when purchasing their properties contains a clause in which the buyer agrees to receive a deed containing deed restrictions. The deed restrictions can effectively prevent how the real estate investor is able to finance his or her rehabs .

Is there a way around deed restrictions?

If a deed restriction is not enforceable, you can choose to ignore it and take on the risk of a neighbor filing suit, or you can seek out a judges ruling to have the covenant removed from the deed. Obtaining that ruling is easier when no one is actively enforcing the covenant.

Do resale restrictions survive foreclosure?

Note: If the resale restrictions survive foreclosure, the lender represents and warrants that the resale restrictions do not impair the servicers ability to foreclose on the restricted property. There are no restrictions on the length of the period in which the resale restrictions may remain in place on the property.

Can you put restrictions on land you sell?

The law limits who can enforce restrictions and the length of time. For example, if you have restrictions in your deed and you then sell the property or give the land away without owning or keeping land nearby, your restrictions may not be enforceable by you, your heirs, or future owners!

What are the resale restrictions on a property?

Resale Restrictions are a right in perpetuity or for a certain number of years, stated in the form of a restriction, easement, covenant, or condition in any deed, mortgage, ground lease, agreement, or other instrument executed by or on behalf of the owner of the land.

Announcement 06-03 Properties Subject to Resale Restrictions or Located on Land Owned by Community L 2025

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