Is an HOA always a PUD?

[JerrysCorner]

I have a subdivision of higher quality homes in a gated HOA. The fees are mandatory; there are common elements...so I checked the PUD box.

However, the underwriter says that the Title report doesn't call it a Planned Unit Development, so they want the PUD box un-checked.

Please correct me if I'm wrong, but I was always under the impression that Fannie wants us to call that a PUD, regardless of zoning or the title. If my understanding is correct, what could I refer the U/W to?

 

[Mr Rex]

Per Fannies definition its a PUD.

 

[GCJim]

www.fanniemae.com/ look up definition of a PUD.

It is a PUD.
If they FORCE you to remove the little check, I'd put a big, bold comment to the effect that I was forced to remove the check from the check box indicating that subject is a PUD at the specific request of the client, despite the fact that subject is a PUD.
Then again, I would leave the check in there and have a go with the U/W, maybe a little wager or something.

 

[The Argus]

I've run into a few neighborhoods which have no HOA fees but are zoned PUD. Would this situation make the PUD zoned neighborhood non-PUD in the eyes of Fannie?

 

[residentialguy]

I've run into a few neighborhoods which have no HOA fees but are zoned PUD. Would this situation make the PUD zoned neighborhood non-PUD in the eyes of Fannie?

No, it states just the opposite. PUD zoning does not a PUD make.

 

[Jo Ann Meyer Stratton]

No mandatory home owner's association fees---NO PUD

Mandatory home owner's association fees--PUD (unless you have a condo, read the CC&Rs for the subdivision to determine the correct category).

 

[Bill_FL]

There are two elements that have to be in place to call it a PUD, not just mandatory HOA fees. There must also be property owned by the association. If BOTH are present, then per FNMA, its a PUD.

 

[Pilgrum]

PUD; Definition

PUD
Planned unit development.
A type of residential, commercial, and/or industrial land development in which buildings are clustered or set on lots that are smaller than usual, and large, open, park-like areas are included within the development. Individual properties are owned in fee with joint ownership of open areas or, if local law requires, open areas are deeded to the city.

 

[John Hassler]

Anybody else miss the De Minimis PUD check box on the old old URAR forms for those times when you have a $100/year HOA fee to cover maintenance of the neighborhood entry sign and to defray the cost of the annual block party?

 

[JerrysCorner]

Thanks everybody....especially GCJim, since regardless of what it is, they are probably going to force the issue.

Mandatory HOA, Common Areas, CC&Rs, Road Maintenance....how is that NOT a PUD??!!