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  #1  
Old 08-26-2008, 01:12 PM
atomictfw atomictfw is offline
 
Join Date: Aug 2008
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Default Fannie Mae definitions for urban/suburban

i have an underwriter requesting that we mark a subject urban because it is located in a city limit, and he says that the "fannie mae definitions" state that we are required to.

we contend that our subject is in a suburban neighborhood with cul-de-sacs, un marked pavement, lower population density, 0.3~0.7 acre lots, single family homes only, etc...

does anyone have these fannie mae "definitions"? we cant find them yet.

if we tell this underwriter he is wrong we want to back it up with data or "definitions" of course.

thanks a bunch!
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Old 08-26-2008, 01:15 PM
stefan olafson stefan olafson is offline
 
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Urban - No Cows
Suburan - Some Cows
Rural - Lots of Cows

OR

Urban - You can't pee outside
Suburban - You can pee outside at night
Rural - pee wherever you want
  #3  
Old 08-26-2008, 01:30 PM
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Mr Rex Mr Rex is offline
 
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XI, 403.01: Location (06/30/02)
We will purchase or securitize mortgages that are secured by residential properties in urban, suburban, or rural areas. An “urban” location relates to a city, a “suburban” location relates to the area adjacent to a city, and a “rural” location relates to the country or anything beyond the suburban area.
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  #4  
Old 08-26-2008, 01:35 PM
Tom Woolford Tom Woolford is online now
 
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I used to have a property of 2.5 acres, in a subdivision of 1 to 10 acre tracts. Horses were allowed, streets were unimproved (we used them as training tracks). It was 5 min. from major shopping, and two hospitals, lots of doctors, drivers license bureau etc, etc, etc. Just because its acreage, has animals etc, does NOT make it rural.
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  #5  
Old 08-26-2008, 02:41 PM
leelansford leelansford is offline
 
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Quote:
Originally Posted by atomictfw View Post
i have an underwriter requesting that we mark a subject urban because it is located in a city limit, and he says that the "fannie mae definitions" state that we are required to.

we contend that our subject is in a suburban neighborhood with cul-de-sacs, un marked pavement, lower population density, 0.3~0.7 acre lots, single family homes only, etc...

does anyone have these fannie mae "definitions"? we cant find them yet.

if we tell this underwriter he is wrong we want to back it up with data or "definitions" of course.

thanks a bunch!
You're offering that the Subject is located in a suburb of what city and how far is it from that city?
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  #6  
Old 08-26-2008, 03:29 PM
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AnonApprsr AnonApprsr is offline
 
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Tell the underwriter that you do not consider it Urban based on the fact it isn't Urban, and that the Subject isn't Urban, because it's not Urban.
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  #7  
Old 08-26-2008, 03:30 PM
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I like the cows definition!

I heard that if you can see the smoke from the chimney of a house it is called suburban. Ha!
  #8  
Old 08-26-2008, 04:23 PM
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Caterina Platt Caterina Platt is offline
 
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Lee's onto a good portion of the argument. There are no true definitions of Urban/Suburban/Rural.

The town of Belen, for instance. My subject may be an acreage property that falls on the outskirts, but within 'city' limits. The area is mixed improvements, which basically means you've got homes that were built before zoning existed, those after zoning, a non-planned pattern of development - singlewides next to a 2,500 SF semi custom next to a 60 year old 1,000 SF adobe with questionable wiring. No real covenants or subdivisions in many cases. Comparables are not all within a 6 block radius in most cases. Is the property suburban to Belen? Well, yes, but furthermore, the whole darn shooting match is suburban to Albuquerque 35 miles north where the census data states around half of our population commutes for work. There are true subdivisions, and city utlities, don't get me wrong, but the situation you describe tends to be more on the 'outskirt' situation. So what do I do then with the property that's a zero lot line townhome on a 3,400 SF site and city utilities within Belen's limits? I call it urban. The acreage property on the outer edge of town? Suburban. Why? Because I said so and it's my market, dammit. Actually, I give them a real explanation to back it up, but the real reason is not far off from what I just stated. I tend to pay far less attention to my distanced comparables as a factor, than I do the true surroundings and characteristics.

The only place I've found true 'definitions' if you will, of Urban/Suburban/Rural are in the census data. I had to use it last year to refute an appraiser who called an area south of Belen 'rural'. Census definitions are based on the population per square mile. Rural, FWIW, was 6 people per square mile. This location was more like 1500 per square mile. Not quite rural, my friend.
  #9  
Old 08-26-2008, 05:12 PM
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Otis Key Otis Key is offline
 
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Quote:
Originally Posted by Caterina Platt View Post
Lee's onto a good portion of the argument. There are no true definitions of Urban/Suburban/Rural.

The town of Belen, for instance. My subject may be an acreage property that falls on the outskirts, but within 'city' limits. The area is mixed improvements, which basically means you've got homes that were built before zoning existed, those after zoning, a non-planned pattern of development - singlewides next to a 2,500 SF semi custom next to a 60 year old 1,000 SF adobe with questionable wiring. No real covenants or subdivisions in many cases. Comparables are not all within a 6 block radius in most cases. Is the property suburban to Belen? Well, yes, but furthermore, the whole darn shooting match is suburban to Albuquerque 35 miles north where the census data states around half of our population commutes for work. There are true subdivisions, and city utlities, don't get me wrong, but the situation you describe tends to be more on the 'outskirt' situation. So what do I do then with the property that's a zero lot line townhome on a 3,400 SF site and city utilities within Belen's limits? I call it urban. The acreage property on the outer edge of town? Suburban. Why? Because I said so and it's my market, dammit. Actually, I give them a real explanation to back it up, but the real reason is not far off from what I just stated. I tend to pay far less attention to my distanced comparables as a factor, than I do the true surroundings and characteristics.

The only place I've found true 'definitions' if you will, of Urban/Suburban/Rural are in the census data. I had to use it last year to refute an appraiser who called an area south of Belen 'rural'. Census definitions are based on the population per square mile. Rural, FWIW, was 6 people per square mile. This location was more like 1500 per square mile. Not quite rural, my friend.
Now Cat - admit it - you're talking about almost all of NM when you reference those situations.
  #10  
Old 08-26-2008, 05:19 PM
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The Nightfly The Nightfly is offline
 
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I was once told by New Century that the a property couldn't be called rural if you could see your neighbor's mailbox from your driveway. What happened to them again????
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