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Can't Access Fannie Mae Guidelines

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Karl

Elite Member
Joined
Jan 15, 2002
Professional Status
Licensed Appraiser
State
Arizona
Definition of Rural?? Per Fannie Mae? Adfinet wouldn't let me in from this computer.
 

Anthony Blackburn

Sophomore Member
Joined
Oct 9, 2002
FNMA's guidelines regarding Rural vs Suburban are vague and undefined at best

From the online guide:

"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. We do not designate certain areas as being acceptable or unacceptable. To be eligible for purchase or securitization, a mortgage must be secured by a property that is residential in nature -- based on the characteristics of the subject property, zoning, and the present land use."

You can find the guide online at:

http://www.allregs.com/efnma/index.asp

Regards
 

Ross (CO)

Senior Member
Joined
Jan 17, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
Karl, ......You might also check the recent archives of discussion, as I know we beat to heck this Rural vs. Suburban debate a few weeks ago ! The postings will drift off to the humorous side.....but you will find a lot of answers within. Despite the "guideline" info FNMA may provide you will see that many a call one makes about stating the correct word is very specific to one's general market area and how that appraiser defines the subject location and that immediate market. Don't hold back on giving extra text description of that market.......remember, the reader/U.W./investor is likely in a major metropolitan city and has not a clue about where you are reporting. If "sand, rocks, cactus and many miles between homes describes your place as rural....so be it ".
 

Karl

Elite Member
Joined
Jan 15, 2002
Professional Status
Licensed Appraiser
State
Arizona
Thanks Ross that is my usual approach (When the vehicle used to haul the water is more important than condition of home) Thats RURAL Rural Suburban gotta be the biggest of DEBATES with Underwriters this month they must have had a free seminar on it next month be something different.
 

Mike Garrett RAA

Elite Member
Gold Supporting Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
And it is so unnecessary since Fannie will purchse the loan even if it is rural.

Nice job, Tony, good post. Beginning to believe we need a place to post the answers to all these common questions with the property source...seems they get ask once a week.
 

Farm Gal

Elite Member
Joined
Jan 14, 2002
Professional Status
Licensed Appraiser
State
Nebraska
Most of the links are available from the handy dandy LINKS section located above the forums....
 
Joined
Jan 13, 2002
Professional Status
Retired Appraiser
State
Florida
I'm still really ticked off about Fannie not granting Wayne the permission to have our Fannie/Freddie Forum back again.

It's all here just waiting to be made available to all of us again.

Time to clog their email again????
 

Farm Gal

Elite Member
Joined
Jan 14, 2002
Professional Status
Licensed Appraiser
State
Nebraska
:twisted:

PRECISELY what I was thinking....

Shall we schedule a jam?!?!?
 
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