Fannie Mae Flooring Requirements

Fannie mae partners with lenders to decrease risk.

Fannie mae flooring requirements.

This part describes the requirements a lender must satisfy to become a fannie mae approved seller and servicer of residential home mortgage loans. With mortgage rates near all time lows the demand for refinancing remains high despite the covid 19 pandemic. 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. Why does fannie mae require the lender to provide the sales contract to the appraiser.

There should be comparables of similar size to the subject property to support the general acceptability of a particular property type. 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. 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.

Together our shared commitment increases the level of quality and risk oversight delivering certainty to lenders and fannie mae. Fannie mae serves the people who house america. Remove carpet tack strips staples and nails. Streamline your refinance process.

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. Fannie mae guidelines define gba or gross building area as. This part also includes information on an approved lender s contractual obligations procedures for obtaining technology applications and requirements for. Fannie mae s policy is intended to help ensure that the appraiser is aware of all relevant aspects of the.

Guide resources for a comprehensive list of resources such as access forms announcements lender letters notices and more. Doing business with fannie mae.