The source policy reviewed for this page was Fannie Mae Selling Guide topic B2-2-03, dated November 5, 2025.
General property-count framework
| Subject occupancy | Transaction | General maximum |
|---|---|---|
| Principal residence | Other than HomeReady | No stated financed-property limit under this topic |
| Principal residence | HomeReady | 2 through DU or manual underwriting |
| Second home or investment property | All covered transactions | 10 through Desktop Underwriter |
What normally counts
- One- to four-unit residential properties for which a borrower is personally obligated on financing.
- Each financed property, not each individual mortgage secured by it.
- A financed principal residence.
- The combined total for all borrowers, while a jointly financed property is counted once.
Common exclusions from this specific limit
The reviewed policy excludes commercial real estate, properties with more than four residential units, timeshares, vacant lots, and certain manufactured homes financed as personal property. A lender still evaluates the related debts, liabilities and overall risk under other requirements.
Reserves and documentation
Additional reserves can apply when a borrower will own multiple financed properties, especially for second-home and investment transactions. Prepare complete real-estate-owned schedules, mortgage statements, tax and insurance costs, lease information, ownership percentages and proof of liquid assets. Incorrect property counts should be corrected before the underwriting case is resubmitted.
Personal guidance
Want to discuss how this applies to you?
Greg can help you compare current loan options, documentation, costs and timing for your property and financial goals.
This educational summary was prepared from the referenced official material and reviewed on September 13, 2026. Program rules, limits and eligibility can change. Your lender’s current underwriting requirements and official disclosures control.