No Central HVAC - Fannie Mae Policy

[Carnivore]

Does Fannie Mae have any special guidelines for a property with no central HVAC system, where Cooling Source is 'Window A/C' and Heating Source is 'Space Heaters'?

As always feedback and guidance would be appreciated.

Make it a habit to save sources to your browser. i,e

https://selling-guide.fanniemae.com/

If you reference that source first it is a time saver and you will tend to learn more the more you use it. I do understand the need for quick answers to get-er-done attitude of that report so you can get another assignment aka mo'money One more point. Stay here and you will get solid advice.

STAY AWAY FROM FACEBOOK APPRAISER FORUM. there is a lot of disinformation/misinformation spread over there. Some of it is to send you down a dead end alley.

 

[Zoe]

West Texas and the deep SW are better served with "swamp coolers" - water coolers work exceedingly well in dry climates. I rarely saw a CHA system in W. Texas or Carlsbad when I lived there. In the mountains? Maybe an attic fan, not much else. Rarely over 85 and low humidity is the norm.

The ground stays way cooler below ground level. That makes sense. That is why water pipes up north have to be buried deeper than Tennessee. The freeze level is lower up north.

 

[Zoe]

Okay back to square one. Heat is necessary for health and safety. A/C can also be necessary for health and safety. The market dictates what the market dictates. Cost to cure adjustment is an option.

Cost to cure "Subject to" is an option for health and safety. We set the SOW. Fannie don't set the SOW although you may think they do.

 

[alebrewer]

You have exactly the same access to information that I do. If you want to spend your time looking it up and it turns out that my memory was incorrect... so be it. I have better things to do with my time.

I do, and there's no way to find something that doesn't exist... it's both physically and theoretically impossible.

 

[sputnam]

I do, and there's no way to find something that doesn't exist... it's both physically and theoretically impossible.

Maybe because the question is an underwriting issue... not an appraisal issue.

 

[alebrewer]

Maybe because the question is an underwriting issue... not an appraisal issue.

Nope. It's an appraisal issue - at least insofar as appraisers are supposed to know what the Selling Guides require as regards HVAC issues.

 

[sputnam]

Nope. It's an appraisal issue - at least insofar as appraisers are supposed to know what the Selling Guides require as regards HVAC issues.

It isn't. The appraiser's job is to describe the property and do the research and analysis to develop and report an opinion of value. Period. The underwriter has the responsibility of deciding whether the property is eligible for the loan that is being applied for.

 

[Functional Obs]

Does Fannie Mae have any special guidelines for a property with no central HVAC system, where Cooling Source is 'Window A/C' and Heating Source is 'Space Heaters'?

As always feedback and guidance would be appreciated.

I'm seeing more and more "mini-splits" which are kind of like permanent window units .... a little better, I guess.