| Author |
Previous Topic | Next Topic |
|
velecico
3216 Posts |
 Posted - 07/02/2008 : 5:52:44 PM
|
| I was just told that fannie has a mix use program as long as the residential conponent is over 50% and that you can do stated ? |
|
the_mortgage_guy
803 Posts |
Posted - 07/02/2008 : 6:03:32 PM
|
| Wow! Thats news to me. Hope it's true. Keep us posted (no pun). |
|
|
nowbroker
1071 Posts |
Posted - 07/02/2008 : 7:41:21 PM
|
Fannie Mae is OK with a small business that the owner operates, but the property has to be primarily an owner occupied residence:
Fannie Mae Single Family
2007 Selling Guide
Part XI: Property and Appraisal Guidelines
XI, Chapter 3: Special Appraisal Considerations (06/30/02)
XI, 306: Mixed-Use Properties (05/06/99)
Although we will purchase or securitize mortgages that are secured by properties that have a business use in addition to their residential use—such as a property with space set aside for a day care facility, a beauty or barber shop, a doctor’s office, a small neighborhood grocery or specialty store, etc.—we have special eligibility criteria for them. Therefore, the appraiser must provide an adequate description of the mixed-use characteristics of the subject property in the appraisal report and the lender must make sure that it considers these criteria and adequately addresses them. Specifically, for a mixed-use property to be acceptable, the following criteria must be met:
• The property must be a one-family dwelling that the borrower occupies as a principal residence.
• The mixed use of the property must represent a legal, permissible use of the property under the local zoning requirements.
• The borrower must be both the owner and the operator of the business.
• The property must be primarily residential in nature.
• The market value of the property must be primarily a function of its residential characteristics, rather than of the business use or any special business-use modifications that were made.
|
|
|
velecico
3216 Posts |
Posted - 07/02/2008 : 7:44:14 PM
|
| Thanks for the info , learn something everyday , too bad its not O/O |
|
|
CoralSnake
10298 Posts |
Posted - 07/02/2008 : 8:02:40 PM
|
This is not referring to a regular mixed use property where the borrower owns the storefront in his real mixed-use property where there are a few apartments upstairs.
It is referring to a regular residential property that may have a doctors office downstairs. You all know what Im talking about.
The dentist who has an office in his single family house. Or the country house with a legal store selling nick-knacks on the side.
And by the way- most lenders still dont do it.
The only one in the past that I have seen who does these properties is Chase (although there are probably others). |
|
|
canoe
61 Posts |
Posted - 07/02/2008 : 8:28:50 PM
|
I am not a loan officer but an appraiser who always hears my Loan officers screaming about the mixed use that nobody will fund, fannie has tons of programs, I guess finding a bank to fund the loan is the issue...
just my 2 cents. |
|
|
| |
Previous Topic | Next Topic |
|
Search for: 
