Fannie Mae Flooring Requirements

Replace any missing floor registers or floor vent covers if not a common size board the opening tack down curled linoleum torn carpet that is greater than 6 cut excess and tape down board floor damage or open holes in floor.

Fannie mae flooring requirements.

Why does fannie mae require the lender to provide the sales contract to the appraiser. With mortgage rates near all time lows the demand for refinancing remains high despite the covid 19 pandemic. Guide resources for a comprehensive list of resources such as access forms announcements lender letters notices and more. Fannie mae guidelines define gba or gross building area as.

If you have additional questions fannie mae customers can visit ask poli to get information from other fannie mae published sources. If the floor plan is atypical or functionally obsolete thus limiting the market appeal for the property in comparison to competitive properties in the neighborhood fannie mae requires a floor plan sketch that includes the interior walls. Remove carpet tack strips staples and nails. Fannie mae permits appraisals to be based on the as is condition of the property provided existing conditions are minor and do not affect the safety soundness or structural integrity of the property and the appraiser s opinion of value reflects the existence of these conditions.

This part describes the requirements a lender must satisfy to become a fannie mae approved seller and servicer of residential home mortgage loans. Fannie mae s policy is intended to help ensure that the appraiser is aware of all relevant aspects of the. 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. We are a leading source of financing for mortgage lenders in the u s.

See selling guide section b4 1 1 3 appraiser selection criteria 01 31 2017 for additional requirements. Gross building area 11 01 05 the major difference between single family gla and gba in a multi family is what is actually used as living space or rented out gla and how big the building is or gba. Fannie mae serves the people who house america. Fannie mae partners with lenders to decrease risk.

Together our shared commitment increases the level of quality and risk oversight delivering certainty to lenders and fannie mae. This part also includes information on an approved lender s contractual obligations procedures for obtaining technology applications and requirements for.