PUD section

[timindp]

So I have detached SFR built in the 60's in a non gated development. Only common amenities are common areas (like sidewalks and street lights). HOA dues are $25/month. I checked off No under the PUD information and "detached"
Lender says they need the whole PUD info filled out. I told them that it conflicts with the report. It should only be filled out if the subject is attached and if the builder/developer is in control of the HOA which in this case neither applies. Can I simply remove the check from page 1 for PUD and only put in the HOA dues?

 

[TRESinc]

does it meet the FNMA definition of what a PUD is? if so then the answer is no, you can't just uncheck it on page 1. if it doesn't meet the definition then you should not have marked it as a PUD from the start.

Planned Unit Development (PUD) – Specific Requirements for Classification as a PUD.(See, FNMA Seller/Servicer Guide, Chapter 2, Section B4-2.3-01) A Planned Unit Development (PUD) is a project or subdivision that consists of common property and improvements that are owned and maintained by a homeowner’s association for the benefit and use of the individual PUD units. In order for a project to qualify as a PUD, the following elements must be met:
There is common property for the project; and
Each unit owner’s membership interest in the homeowner’s association must be automatic and non-severable; and
The payment of assessments related to the units must be mandatory; and
The project must not be a Condominium.

 

[timindp]

got it. thanks

 

[TRESinc]

np