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FNMA defined "Gut Rehab"

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Elizabeth Crotty

Thread Starter
Freshman Member
Joined
Sep 27, 2004
Professional Status
Certified Residential Appraiser
State
Illinois
Does anyone have the definition of "gut rehab" per FNMA. This would pertain to a condominium conversion project. Lender wants to know if it is a FNMA defined "gut rehab". I believe it means "down to the studs, replacing /upgrading of HVAC and electrical wiring. Does anyone have the actual FNMA language? Thanks -
 

Restrain

Elite Member
Joined
Jan 22, 2002
Professional Status
Certified General Appraiser
State
Florida
Go to www.efanniemae.com and follow the links to the regs.
 

Elizabeth Crotty

Thread Starter
Freshman Member
Joined
Sep 27, 2004
Professional Status
Certified Residential Appraiser
State
Illinois
Thanks - I did find the language from FNMA - "Gut rehabilitation refers to the renovation of a property down to the shell with the replacement of all HVAC and electrical components".

I appreciate your response.
 
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