Fannie Mae Below Grade Guidelines

His most successful effort was to impose what were called "affordable housing" requirements on Fannie Mae and Freddie Mac in 1992. 30% had to be made to people at or below the median income in.

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8 The requirements in this section of the FHA Single Family Housing Policy Handbook (SF 9 Handbook) contain the property acceptability criteria for FHA mortgage insurance, which 10 include Minimum Property Requirements (MPR) and Minimum property standards (mps), and 11 include by reference, associated rules and regulations.

So, while Fannie Mae does allow some exceptions, in general, both ANSI and Fannie Mae agree that if any portion of the level is below grade it cannot be considered part of the gross living area of the home. For more about below grade living area, see Authority Appraisals’ Home Measurement Services.

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The Fannie Mae Selling Guide (B4-1.4-14, Appraisal Report Review: Layout, Floor Plans,and Gross Building and Living Areas) states the following: A level is considered below-grade if any portion of it is below-grade-regardless of the qualityof its finish or the window area of any room.

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Only finished above-grade areas can be used in calculating and reporting of above-grade room count and square footage for the gross living area. Fannie Mae considers a level to be below-grade if any portion of it is below-grade, regardless of the quality of its finish or the window area of any room.

The Fannie Mae Selling Guide is very clear on what is a basement or below grade stating: A level is considered below-grade if any portion of it is below-grade-regardless of the quality of its finish or the window area of any room. A walk-out basement with finished rooms would not be included in the above-grade room count.

FHA and conventional loan guidelines allow wide latitude for borrowers in expensive. limits can be much higher than that. For loans guaranteed by Fannie Mae and Freddie Mac, the.

Hello Karen, I am afraid the Fannie Mae Guidelines XI 405.05 and ANSI Standards Z765 say if "any" portion of the lower level is below grade, it cannot be counted in the GLA (Gross Living Area). Those rules state: "The above grade finished square footage of a house is the sum of finished areas on levels that are entirely above grade.