Foundation requirements for Fannie Mae?

[Doug Wegener]

Looking thru the new selling guide, and I do not see minimum requirements for frame built housing foundations. Are there any?

 

[Randolph Kinney]

Looking thru the new selling guide, and I do not see minimum requirements for frame built housing foundations. Are there any?

Fannie Mae Selling Guide April 9, 2013

Part B, Origination Through Closing
Subpart 4, Underwriting Property
Chapter 1, Appraisal Guidelines, Appraisal Document Standards,
Report, and Property Inspections

Page 548



Requirements for Existing Construction

Lenders must review the appraisal to ensure that the property does not have minor conditions
or deferred maintenance items that affect the safety, soundness, or structural integrity of the
subject property. See B4-1.4-15, Appraisal Report Review: Property Condition and Quality of
Construction, for information concerning property condition and quality of construction ratings.

 

[Restrain]

Unlike FHA, that mandates some foundations, as long as the foundation is adequate and no significant structural failure, no issue. For example, telephone poles as piers are acceptable. So are bois d' arc posts. In the northeast, rough fieldstone that would never be used today is acceptable.

Report what you find. If unusual, comment as to acceptability in the market. If concerned about failure, condition to a foundation inspection.

 

[Mike Kennedy]

Part B, Origination Through Closing
Subpart 4, Underwriting Property
Chapter 1, Appraisal Guidelines, Appraisal Report Assessment
April 9, 2013

"Physical Deficiencies That Affect Safety, Soundness, or Structural Integrity
The appraisal report must identify and describe physical deficiencies that could affect a property’s safety, soundness, or structural integrity. If the appraiser has identified any of these deficiencies, the property must be appraised subject to completion of the specific repairs or alterations. In these instances, the property condition and quality ratings must reflect the condition and quality of the property based on the hypothetical condition that the repairs or alterations have been completed.

If the appraiser is not qualified to evaluate the alterations or repairs needed, the appraisal must identify and describe the deficiencies and the property must be appraised subject to a satisfactory inspection by a qualified professional.

The appraisal may have to be revised based upon the results of the inspection. If so, the report must indicate the impact, if any, on the final opinion of value.

The lender must review the revised appraisal report to ensure that no physical deficiencies or conditions that would affect the safety, soundness, or structural integrity of the property are indicated. A certification of completion is required to ensure the necessary alterations or repairs have been completed prior to delivery of the loan."


Printed copies may not be the most current version. For the most current version, go to the online version at
[url]https://www.fanniemae.com/singlefamily/originating-underwriting[/URL] 598

 

[VolcanoLvr]

Restrain.....

What the heck are these: "bois d' arc posts" ???

 

[Mike Kennedy]

Restrain.....

What the heck are these: "bois d' arc posts" ???

scroll down to "BOIS D'ARC POST"
http://www.bedrockfoundation.com/foundation-repair-glossary.html