The municipal land trust agency must be able to manage the lease mortgages. Fannie Mae acquires or securitized first-line fixed-rate and variable-rate loans secured by real estate on rental land located in areas where this type of real estate has found market acceptance. Mortgages secured by finished homes on leased land are not eligible unless the property is located in a condominium or PUD project approved by Fannie Mae`s Project Review Service. The mortgage must be secured by the improvement of the real estate and the rental interest of the borrower on the land. Note: Manufactured apartments that are located on rental real estate are not eligible for delivery to Fannie Mae. If there is a lease agreement for the property purchased by the borrower, pre-mortgage leases may have a higher interest in the mortgage. NewRez must have a clear title and a first pledge. If the property in question is leased, the lease or lease cannot contain any provision that could affect NewRez`s first deposit position. Evaluators must develop a detailed, clear and detailed presentation that identifies the conditions, restrictions and conditions for leases or basic leasing, and include them in addition to the evaluation report. The ownership of the lease and the mortgage should not be affected by a merger of the property between the lessor and the lessor. In the event that the mortgage is secured by a sublease of a leased property, the documents must provide that a delay in the tenancy does not result in such a delay if the sublease is terminated. The TV and CLTV report should be calculated using the value of the lease and take this report into account as part of the delivery data.
The basic rent of the fiduciary collective property may contain certain restrictions that limit future buyers of real estate to low- and middle-income families and limit the maximum selling price of the property. Restrictions on resale in the basic lease must automatically end with the enforcement (or expiry of an applicable withdrawal period) or the acceptance of a enforcement provision for the tenancy mortgage.