Requirement

Presale requirement for Fannie Mae
70% of the total units in the project must have been conveyed to owner occupants and second home purchasers. No single entity (the same individual, investor group, partnership, or corporation) may own more than 10% of the total units in the project.

If the project is phased, then each phase needs to stand on its own. Fannie Mae will look at the overall presale of the project and use it as a compensating factor. The Veterans Administration will combine phases to meet the 70% figure, but FNMA (Fannie Mae) will not.