Duplex on a 1004?

[JSmith43]

Rodger, glad to see you. I was beginning to worry that, like many other mortgage brokers, you had abandonned ship.

I was hiking & touring the Black Hills in SD. A bit too close to bike week, each morning at 6:30 or so, some HD guy/gal with open pipes of course, would light'r up! Not much opportunity to sleep in, especially at the remote camp sight taken over by the early arriving bikers.

I rode for 40+ years. The loud pipes get old, but I understand

 

[Mike Kennedy]

Why? What is a "legal 2-unit?" What is a "legal SFR with a legal accessory dwelling unit?" Is the HBU the same or different?

Is there a source one can use to make a definitive determination with clear descriptive terms?

Accessory - Zoning restriction requiring Owner-occupancy of 1 unit and prohibiting rental of the ancillary unit to non-family members. ...also this restricted use expires on sale and does not transfer to new owner. (in many cases - not always).

Duplex - either unit, or both, may be rented.

 

[CANative]

Thanks for the opinion Mike. But I don't think that cuts it as a definitive interpretation. I've seen too many combinations of zoning, lot characteristics, building configurations and market behavior to make a general statement as to what constitutes a 2 unit income property and what constitutes a SFR with accessory dwelling.

 

[KenRossman]

I don't know of any reason why the URAR could not be used for a duplex with full disclosure. I would, however prefer to use a multi-purpose URAR rather than the FNMA 3/05 version, especially if any EA"s are necessary.

 

[Pat Butler]

The 1004 could possibly be used if the comps had the same setup as the subject. The form gets confusing when you try to mix and match room and bedroom counts that are different- just not enough space on the grid to adequately explain everything.

You could look to Fannie's instructions for the new form. Oops, ain't any..

 

[CANative]

If the property characteristics and market are sensitive to such issues as matching room count, bedroom count, and income then the property is more like a 2 unit income property and the appraisal should be reported on the 1025 form if for purposes of lending.

My property is on over an acre, has a 2,000 sf 3/3 and a 1,200 sf 2/2. It's all legal, I can rent one or both units to whoever I want. No one would buy this as an income property. It would be foolish to report the appraisal on a 1025 and no appraiser ever has.

 

[Mr Rex]

I was hiking & touring the Black Hills in SD. A bit too close to bike week, each morning at 6:30 or so, some HD guy/gal with open pipes of course, would light'r up! Not much opportunity to sleep in, especially at the remote camp sight taken over by the early arriving bikers.

I rode for 40+ years. The loud pipes get old, but I understand

I heard that the aliens landed in the Black Hills many moons ago and helped the native Americans carve the faces of future presidents in the rocks, but covered them back up. Only when the conspiracy was about to be broken did they hire that fellow from Idaho to unearth the faces. I got my information from an expert at the last Roswell Rodeo, in the lobby of the theater between "An Inconvenient Truth" and some Michael Moore POS, it was a $2/2 matinee.

 

[Anita Rimer]

I heard that the aliens landed in the Black Hills many moons ago and helped the native Americans carve the faces of future presidents in the rocks, but covered them back up. Only when the conspiracy was about to be broken did they hire that fellow from Idaho to unearth the faces. I got my information from an expert at the last Roswell Rodeo, in the lobby of the theater between "An Inconvenient Truth" and some Michael Moore POS, it was a $2/2 matinee.

You are too creative!

 

[Mike Kennedy]

I have a lender who has requested that an assignment for a duplex be reported on a 1004 form. Is this kosher? Supposedly, this is not going to the secondary market. If allowable, should I put this on the old form?

http://www.cityoforlando.net/PLANNING/cityplanning/cpfaqs.htm

 

[Carnivore]

This is one of those threads that never ceases to amaze me on how stupid I am. It never ocurred to me to put a multi-family report on a SFR report form.

So here is my question. Can I use the 1073 condo form for a duplex? The client said it was not going to Fannie Mae or secondary market. They think that condo form is really cool.