"Other" field in Present Land Use on 1004

[Verne Hebert]

How is everyone dealing with field. In the old 1004, this was the "vacant" field. I have been still using it for that.......and it is a problem because the field is not large enough to define it as that. Where is the vacant land shown on the new form?

 

[Scott R Marshall]

Verne,


I place my vacant land percentage in the "other" section and change the font size so it fits, or you could simply abbreviate vacant (Vct, Vcnt).

 

[JRS at OBX]

I abbreviate. VAC20%

 

[Verne Hebert]

thanks for the input. Some underwriters have issues and some don't...interesting.

 

[PropertyEconomics]

Its not always Vacant land ... it could be Public / Govt / GlfCse ..... could be any number of things that can go on that line.

 

[Meandering]

FHA requires the present land use to be completed per land use classifications and Fannie Mae requires the present land use section to be completed only for developed land of the uses listed on the form and the "other use" box is for the consideration of vacant (undeveloped Land).

References:
Guidance for Lenders and Appraisers page 13 of 26, dated April 2009 https://www.efanniemae.com/sf/guides/ssg/relatedsellinginfo/appcode/pdf/appraisalguidance.pdf

HUD Handbook 4150.2 Page D-3, Dated 1999.

 

[PropertyEconomics]

FHA requires the present land use to be completed per land use classifications and Fannie Mae requires the present land use section to be completed only for developed land of the uses listed on the form and the "other use" box is for the consideration of vacant (undeveloped Land).

References:
Guidance for Lenders and Appraisers page 13 of 26, dated April 2009 https://www.efanniemae.com/sf/guides/ssg/relatedsellinginfo/appcode/pdf/appraisalguidance.pdf

HUD Handbook 4150.2 Page D-3, Dated 1999.

Fannie doesnt dictate USPAP requirements to not be misleading ... geez .... I love when people hate Fannie for one thing but support them for something just as idiotic.

Not all land that is "vacant" is "undeveloped" ....

 

[Lee Lansford]

How is everyone dealing with field. In the old 1004, this was the "vacant" field. I have been still using it for that.......and it is a problem because the field is not large enough to define it as that. Where is the vacant land shown on the new form?

"Other land use":

What? No schools, parks, governmental facilities, houses-of-worship, healthcare facilities, golf courses et cetera in the neighborhoods which you frequent?

 

[Terrel L. Shields]

Ag-vac is my most common abbreviation in a rural setting. Agriculture - Vacant

 

[hastalavista]

.......and it is a problem because the field is not large enough to define it as that. Where is the vacant land shown on the new form?

I simply make a statement in the area of page 1 (Neighborhood section) what "other" equals. Usually, it is
Note: "other" in the land use section reflects public use/open space
or something like that.
Although all three of those sections on page 1 get kicked into "see addendum", I'll put the statement under the "see addendum".
That way the reader will see the item and explanation on the same page and in the same section/general area.