The lender must determine whether the property is residential in nature, regardless of whether the appraiser assigns value to the outbuildings.įor additional information, see B4-1.3-05, Improvements Section of the Appraisal Report.By registering for, accessing and using the HomePath Short Sale Agent Support functionality, you agree, and agree on behalf of your firm or company, (“You” or “Your”), to the following : (i) access credentials are personal and Your password may not be shared internally or externally with anyone (ii) You may not attempt to implement any technical solution, software or device (a) aiming at circumventing any technological measure controlling access to the HomePath Short Sale Agent Support functionality and its contents, or (b) aimed at disrupting the functions of the HomePath Short Sale Agent Support functionality, such as virus, malware or automated data input, collection or redistribution software (iii) the information You provided upon registration is accurate and up-to-date (iv) the HomePath Short Sale Agent Support functionality is otherwise subject to the terms and conditions of the HomePath Web site, incorporated herein by reference and (v) any breach of the foregoing shall be grounds for revocation by Fannie Mae of Your access rights to the HomePath Short Sale Agent Support functionality.
The presence of the outbuildings may indicate that the property is agricultural in nature. Significant outbuildings, such as silos, large barns, storage areas, or facilities for farm-type animals. The property is acceptable provided the appraiser’s analysis reflects little or no contributory value for it. For additional information on eligible properties, see B2-3-01, General Property Eligibility. There should be comparables of similar size to the subject property to support the general acceptability of a particular property type. Are loans made on agricultural properties eligible for delivery Fannie Mae does not purchase or securitize mortgages on agricultural properties, such as farms or ranches. To recoup their losses, Fannie Mae will then declare the property as foreclosed and sell them into the market. However, there are times when these owners would never get to repay their loans. They can act as lenders and extend loans to potential home owners. The appraiser must demonstrate through the use of comparable sales with similar amenities that the improvements are typical of other residential properties in the subject area for which an active, viable residential market exists. Fannie Mae does not specify minimum size or living area requirements for properties with the exception of manufactured housing (see B4-1.4-01, Factory-Built Housing: Manufactured Housing). Fannie Mae is an organization that helps American families purchase low-cost homes. Hawaiian lava flow maps and other information are. Properties in lava zones 1 and 2 are not eligible due to the increased risk of property destruction from lava flows within these areas. Fannie Mae does not purchase or securitize mortgages on. It's common for rural properties that are no longer working farms to. However, if the property is used primarily for farming or ranching, then the property is ineligible. Immediately obtain new coverage to meet Fannie Mae’s requirements if the borrower allows the insurance coverage to lapse. See B-1-01, Administering an Escrow Account and Paying Expenses for additional information. Ensure property insurance premiums are paid. Minimal outbuildings, such as small barns or stables, that are of relatively insignificant value in relation to the total appraised value of the subject property. Fannie Mae will only purchase or securitize mortgage loans secured by properties that are located within lava zones 3 through 9 on the island of Hawaii. If the primary use of the property is residential, despite the presence of agricultural-type outbuildings, then the property meets Freddie Mac’s eligibility requirements. Ensure requirements contained in any negotiated contract are met. Descriptions of the outbuildings should be reported in the Improvements and Sales Comparison Approach sections of the appraisal report form. A lender must give properties with outbuildings special consideration in the appraisal report review to ensure that the property is residential in nature.
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