Forgotten Your Password?

Need to Register?

Question Icon

What is minimum square footage for home loan per fanny may?

by sandystarpr750 from Abilene, Texas. Jul 8th 2015 Reply


William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,055 contributions

Fannie Mae does not specify minimum size or living area requirements for properties with the exception of manufactured housing (see B4-1.4-01, Factory-Built Housing: Manufactured Housing). There should be comparables of similar size to the subject property to support the general acceptability of a particular property type. What this means is that if this small property is unique to your area, then the appraiser might have a hard time finding solid compariables to estimate it's value, and if that's the case, they will not do the loan.. If however there are many properties like this one, and some have recently sold, then you should be ok. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Jul 8th 2015
1
0
Jason Bennett (jbennett)
#105 ranked lender in Pennsylvania - 67 contributions

as mentioned prior, fannie does not have a requirement. If fannie will not accept the property, our in house bank can lend money direct as a regional bank in Pennsylvania. If you are in Pennsylvania, contact me for more details. Jbennett@riverviewbankpa.com

Jul 9th 2015
0
0
Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,571 contributions

Fannie Mae removed the official size rule many years ago. The biggest issue we see with small homes today is getting small home camparibles for the appraisal.

Jul 9th 2015
0
0
Subscribe to our news feed.