FANNIE MAE® Streamlined Rate Lock

FANNIE MAE® Streamlined Rate Lock
MAXIMUM TERM OF RATE LOCKUp to 180 days.
DELIVERY TOLERANCE

If loan amount has been reduced at the time of delivery:

  • No fee for up to 5% reduction.
  • For a reduction between 5% and 10%; Good Faith Deposit on the amount > 5%.
ELIGIBLE LOANSNo size limit; Conventional, Coops, Green Rewards, Green Building Certification Loans, Hybrid ARM Loans, Manufactured Housing Communities, Multifamily Affordable Housing, Seniors Housing, Small Loans, Structured Transactions, Student Housing and Dedicated Student Housing properties. Some may be subject to pre-review.
MINIMUM GOOD FAITH DEPOSIT
  • Up through 90 days: 2%.
  • 91-180 days: 3%.
BREAKAGE FEESGood Faith Deposit (for full break by borrower)
PRELIMINARY UNDERWRITING REQUIREMENTSNo prescribed set of preliminary underwriting requirements; the lender makes
the decision to rate lock based on its own determination of when it has sufficient
preliminary underwriting information.