For Fannie Mae® Small Loans and Freddie Mac® Small Balance Loans, borrowers must meet certain credit/personal, operating experience and property requirements.
- have a minimum credit score of 680
- have a personal net worth equal to the loan amount and available liquidity equal to 9 months of debt service
- be a US Citizen, although foreign nationals can be approved
- not be in any current litigation, bankruptcy, foreclosure, or party to any felonies or criminal activity
- live within 100 miles of the subject property or must have a third party property manager
- have at least a 90% occupancy at the subject property for the last 90 days