Fannie Mae considers a level to be below-grade if any portion of it is. The appraiser did follow the correct guidelines if you have a split-level.
Check the fannie mae guidelines for Lending for properties with accessory units. It is often impossible in some markets to meet the stringent.
Fannie Mae considers a level to be below-grade if any portion of it is below-grade, regardless of the quality of its finish or the window area of any room. Therefore, a walk-out basement with finished rooms would not be included in the above -grade room count.
Hello Karen, I am afraid the Fannie Mae Guidelines XI 405.05 and ansi standards z765 say if "any" portion of the lower level is below grade, it cannot be counted in the GLA (Gross Living Area). Those rules state: "The above grade finished square footage of a house is the sum of finished areas on levels that are entirely above grade.
Requirements. Each Property property multifamily residential property securing the Mortgage Loan and including the land (or Leasehold interest in land), Improvements, and personal property (as defined in the Uniform Commercial Code). must be covered by compliant property insurance and liability insurance for the term of the Mortgage Loan Mortgage Loan Mortgage debt obligation evidenced, or.
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The policies cover some or all of foreclosure losses and represent a separate business from the mortgage-bond guarantees provided by Fannie Mae and Freddie Mac. remaining guarantors carry ratings.
Fannie Mae considers a level to be below-grade if any portion of it is below-grade, regardless of the quality of its finish or the window area of any room. Therefore, a walk-out basement with finished rooms would not be included in the above-grade room count.
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