Site Condo Lot Adjustments?

[Lil Rhody]

This site discusses the issues and references FNMAE standards: https://www.classvaluation.com/sit

Thank you. I saw this article during my search but it references FNMA's selling guide definition. Unfortunately the loan I'm looking at is an FHA loan and the lender is trying to lend all weight to the FHA definition that I say is not a complete definition.

 

[Lil Rhody]

Call or look at the assessors property look up website. Is there a value that they have for the site? If it is a site condo they should have a value just for the land. If there is no land included its just a detached condo. You don't need Fannie or FHA to explain that. Sounds like the lender is tying to fit a square peg into a round hole.

No land value on the assessors card and there is a shared septic which is why I say that this is a detached condo and not a site condo. I wish I didn't need Fannie or FHA to explain it but the Lender is holding fast. I've looked everywhere I can think of to find a definition that refers to land ownership but cant find a source other than articles or common sense. I'm wondering if FHA is accepting of a different type of ownership rights when the refer to site condos. Thank you for your input. I am going to start a new thread to see if anybody has any ideas and so this thread doesn't get sidetracked.