FNMA 90% Complete for New Construction?

[jonhig]

I know for FHA new construction the subject must be at least 90% complete for an "as-is" appraisal. Is this the case for FNMA as well? I could not find the answer on their website. The sujbect has no sinks or toilets. Everything else is done.

thanks

 

[Mztk1]

I thought the house had to be livable and the cost of completion had to be less than 2% of the sale price or market value whichever is lower. But I am working off memory.

 

[Restrain]

Read section 202 of the Selling Guide (efanniemae.com).

 

[RSW]

For an FHA appraisal that is 90% to 99.99% complete the appraisal has to be made "subject to" not as is. Read Appendix D, Page D-1.

B. “Subject to Completion per Plans and Specifications”
1. Proposed Construction where construction has not started, or
2. Under Construction but not yet complete (less than 90%), or
3. Regular 203(k)

C. “Subject to the following Repairs or Alterations”
1. Repair or Alteration Condition(s) noted by the appraiser, or
2. Streamline 203K, or
3. Under Construction, more than 90% complete with only minor
finish work remaining (buyer preference items i.e., floor
coverings, appliances, fixtures, landscaping, etc.). This
eliminates the need for construction exhibits.