The 1-4 family rider form is an amendment to the standard security instrument. It adds specific covenants that apply to properties with one to four residential units. Lenders use this rider when the property will be rented rather than owner-occupied.
This form is required by Fannie Mae and Freddie Mac for conforming loans on non-owner-occupied 1-4 unit properties. The rider becomes part of the mortgage or deed of trust. It is recorded in the public land records along with the main security instrument.
Key provisions include occupancy covenants, maintenance obligations, and insurance requirements. The borrower agrees to keep the property in good condition and carry adequate hazard insurance. Lenders gain additional protections specific to rental property financing.
Borrowers must sign the rider at closing alongside the main mortgage documents. All co-borrowers named in the security instrument must sign. Notarization is required in most states.
| Question | Answer |
|---|---|
| Form Name | 1 4 Family Rider Form |
| Form Length | 1 pages |
| Fillable? | No |
| Fillable fields | 0 |
| Avg. time to fill out | 15 sec |
| Other names | fannie mae mac family, fannie mae 4 family rider, form family rider, fannie 1 family |