PUD Rider (Planned Unit Development)
The Fannie Mae/Freddie Mac rider for PUD mortgages — addressing HOA dues, community amenities, and association governance.
A PUD Rider (Fannie Mae Form 3150 / Freddie Mac Form 3150) is a rider attached to the Mortgage or Deed of Trust for properties in a Planned Unit Development (PUD). A PUD is a community with individually owned units and commonly owned amenities (clubhouse, pool, parks, private roads) managed by a homeowners association (HOA). The PUD Rider: (1) makes failure to pay HOA assessments a default under the mortgage, (2) requires the homeowner to comply with HOA covenants, conditions, and restrictions (CC&Rs), (3) provides for assignment of the homeowner's rights against the HOA to the lender, (4) addresses PUD project termination, condemnation, or dissolution, and (5) requires notification to the lender of any HOA violations or legal actions. The PUD Rider ensures the lender's security interest is protected against HOA-related risks (liens, loss of amenities, project dissolution).
Purpose
- 1Address PUD-specific mortgage provisions: HOA dues, CC&Rs, and community governance
- 2Make HOA assessment non-payment and CC&R violations grounds for default
- 3Protect the lender's security interest against HOA-related risks
Who Prepares It
The lender prepares the PUD Rider (Fannie Mae/Freddie Mac uniform form 3150). The borrower signs at closing. Recorded with the Mortgage/Deed of Trust.
When It Is Used
Used for ALL PUD (Planned Unit Development) loans where the property is part of a mandatory-membership HOA.
Legal Effect
The PUD Rider incorporates HOA obligations into the mortgage contract. HOA assessment non-payment = mortgage default. CC&R violations = mortgage default (in certain circumstances). The HOA's assessment lien may have priority over the first mortgage for a limited amount (super-priority lien, state-dependent).
Common Mistakes
Homeowner Rights
Other Security Instruments Documents
Mortgage / Deed of Trust
The security instrument that pledges your property as collateral — understanding this document is essential to understanding how foreclosure works.
Deed of Trust
The security instrument used in non-judicial foreclosure states — a three-party instrument that allows a trustee to sell the property without court involvement.
Satisfaction of Mortgage
The document that releases the mortgage lien after the loan is paid in full — and what happens when the lender fails to record it.
FHA Security Instrument
The FHA-specific Mortgage or Deed of Trust that incorporates HUD regulations and provides unique borrower protections.
VA Security Instrument
The VA-specific Mortgage or Deed of Trust for veteran home loans — incorporating unique SCRA protections and VA servicing requirements.
Condominium Rider
The Fannie Mae/Freddie Mac rider for condominium mortgages — incorporating HOA provisions, project assessments, and insurance requirements.
USDA Mortgage Documents
The USDA-specific mortgage instruments for Rural Development loans — incorporating RD regulations and providing unique loss mitigation options.
Frequently Asked Questions
What's the difference between a Condominium Rider and a PUD Rider?▼
Both address HOA-related issues, but the key difference is: Condominium: you own the interior of your unit; the HOA owns the building structure and common elements. PUD: you own your unit AND the land it sits on; the HOA owns the common amenities. Condos typically have higher HOA dues (building insurance, exterior maintenance included). PUDs typically have lower HOA dues (common area maintenance only, homeowner is responsible for their own structure and land). The riders are similar but the insurance and maintenance provisions differ.
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