Zoned PUD, but not a PUD by Fannie standards

[Jo Ann Meyer Stratton]

It is very simple.

At the top of the report--post information about private restrictions that create a superior lien to the mortgage and has to be paid directly to a non-govermental entity.

In the site section--report the public restrictions (police restrictions) that are supported by property taxes.

Top=private

Site section=public

Very simple reality.

 

[huntercharlie]

Best answers - Posts #12 and #20

 

[Mile High Trout]

UAD has not caught up with this one yet. HA!

Sorry, you can't beat the embedded automated form fill requirements, no matter how compelling your logic is.

 

[residentialguy]

It is very simple.

At the top of the report--post information about private restrictions that create a superior lien to the mortgage and has to be paid directly to a non-govermental entity.

In the site section--report the public restrictions (police restrictions) that are supported by property taxes.

Top=private

Site section=public

Very simple reality.

Not simple enough for simple minds, apparently.

 

[Pat Butler]

PUD zoning can mean different things depending on the location. We have PUD zoning in many areas where there is no HOA fee. That's because they aren't using the zoning designation to mean the same thing as what Fannie does.

Around here, the PUD zoning allows a developer to develop a larger community that take into account planning for the needed amenities such as school, parks, commercial, etc. Therefore, they're usually then allowed to have smaller lots for the houses because they taken into account the bigger picture as to how the community will 'function'. Bottom line- they can cram a lot of houses in a small area so long as they have a master plan for the community as a whole. None of this has anything to do with whether or not there is even a HOA.

 

[residentialguy]

PUD zoning can mean different things depending on the location. We have PUD zoning in many areas where there is no HOA fee. That's because they aren't using the zoning designation to mean the same thing as what Fannie does.

Around here, the PUD zoning allows a developer to develop a larger community that take into account planning for the needed amenities such as school, parks, commercial, etc. Therefore, they're usually then allowed to have smaller lots for the houses because they taken into account the bigger picture as to how the community will 'function'. Bottom line- they can cram a lot of houses in a small area so long as they have a master plan for the community as a whole. None of this has anything to do with whether or not there is even a HOA.

Then you wouldn't mark the PUD section that deals with an HOA. You would state that the zoning is PUD. For the nimrod AMC monkeys, you'd explain that zoning has nothing to do with FNMA's PUD section that states there is a mandatory HOA....just like Ag zoning doesn't mean it's a farm.

 

[Pat Butler]

Exactly. And fortunately I no longer do any AMC work.

 

[Vermonter]

Then you're doing it wrong! Fannie mae report needs to be done by Fannie Mae rules. That box is not about zoning. There's another box for zoning where you get to tell them all about that.

Let me clarify for the knowitall-

My state determines what property aspects require a PUD to be formed (road frontage, common land, shared septic, etc). In those cases, the covenants and recorded HOA are in the deed. HOA dues can be mandatory and still be ZERO....or a yet to be determined sum 50 years in the future. It's up to the HOA to decide.

So you're saying that if covenants are placed on a deed, an HOA is formed but there are no dues as of the effective date, it doesn't qualify?

Also, I never said the box was about zoning, I was responding to the op indicating the zoning for this property was "PUD".....which I'm assuming is why he/she thinks it's a PUD. I was pointing out that if you read the zoning regs, it will most likely allow other uses.

 

[residentialguy]

This is when you mark the PUD box.

There is common property for the units;
there is an automatic and non-severable membership in the Homeowner’s Association;
there are MANDATORY DUES;
and the property is not a Condominium unit.

If the above are true, the subject would be deemed to be a PUD by FNMA/FHLMC.
Dues are a charge. Zero dollar amount does not constitute as mandatory dues. If Dues are pending and they have an automatic and non-severable membership in the Homeowner’s Association set up, then I would mark the PUD.

 

[Terraform]

and not to be confused with pulling your pud.