Quick Answer: Does Fannie Mae Have A Minimum Square Footage Requirement?

What are the requirements for Fannie Mae?

Homebuyers must also meet minimum credit requirements in order to be eligible for Fannie Mae-backed mortgages.

For a single-family home that is a primary residence, a FICO score of at least 620 for fixed-rate loans and 640 for adjustable-rate mortgages (ARMs) is required..

Can a home inspection be done without electricity?

While you can’t fully inspect the house without the electricity or gas, you can typically get a pretty good idea of the condition of furnaces by simply looking for install/maintenance dates and general condition of the unit and any baseboard elements, or water damage on floors and ceilings.

How much of a down payment do I need for a Fannie Mae loan?

5%For borrowers looking to buy a single-family home, the maximum LTV ratio for most Fannie Mae loans is now 95%, which means a borrower would need a minimum down payment of 5%.

Does Fannie Mae have a minimum tradeline requirement?

Trade Lines Require. FHA does not have any trade line requirements. Getting a loan approved with Fannie Mae requires a loan to be submitted to Desktop Underwriter or DU. DU does not have a trade line requirement but does have a credit score requirement.

How old can a credit report be for Fannie Mae?

four monthsAllowable Age of Credit Documents Credit documents include credit reports and employment, income, and asset documentation. For all mortgage loans (existing and new construction), the credit documents must be no more than four months old on the note date.

What is the maximum acreage for an FHA loan?

Basic Eligible Properties FHA will back loans for rural property, too, but there is a limit to the amount of acreage that can be included when determining the value for loan purposes. FHA will only back the value of the first 10 acres of the property, and those first 10 acres must include the home.

What is the maximum Fannie Mae loan amount?

In most of the U.S., the 2021 maximum conforming loan limit (CLL) for one-unit properties will be $548,250, an increase from $510,400 in 2020.

What types of loans does Fannie Mae buy?

Fannie Mae is a purchaser of mortgages loans and the mortgages that secure them, which it packages into mortgaged-backed securities (MBS).

Does Fannie Mae require collections to be paid?

Accounts that are reported as past due (not reported as collection accounts) must be brought current. For one-unit, principal residence properties, borrowers are not required to pay off outstanding collections or non-mortgage charge-offs—regardless of the amount.

Is it hard to get a Fannie Mae loan?

Prospective homebuyers looking for a fixed-rate mortgage will need a credit score of at least 620. A minimum score of 640 is necessary to qualify for an adjustable-rate mortgage (ARM). … Trying to get a Fannie Mae loan with bad credit is inherently more difficult, though.

How many properties does Fannie Mae allow?

Limits on the Number of Financed PropertiesSubject Property OccupancyTransactionMaximum Number of Financed PropertiesPrincipal residenceTransactions other than HomeReady loansNo limitPrincipal residenceHomeReady loansDU and manually underwritten – 2Second homeInvestment propertyAllDU – 10, Manually underwritten – 6Dec 16, 2020

How long is an appraisal good for Fannie Mae?

12 monthsThe appraisal report must not be more than 12 months old on the note date of the subsequent transaction. If the appraisal report is greater than 4 months old on the date of the note and mortgage, then an appraisal update is required.

Does Fannie Mae require a bedroom to have a closet?

There is nothing in FNMA guidelines stating the need for a closet, but that there needs to be ingress or egress in the event of an emergency. The methods of ingress or egress in the event of an emergency is typically in the form of a window but may also be a door.

How many days is a credit report valid?

120 daysAs determined by Fannie Mae guidelines, credit reports are only good for 120 days, so if you get pre-approved then find a home a few months later, your report may expire during the process and need to be re-pulled.

Does Fannie Mae have an acreage limit?

Maximum 10 acres of land that is urban or suburban property – “Ag exempt” properties eligible subject to the property and transaction otherwise meeting Fannie Mae and Texas State Law requirements.

Does Fannie Mae require utilities to be on?

Yes. Fannie Mae does not require that the utilities that serve the property be turned on at the time of the inspection.

What credit score does Fannie Mae?

Credit Score Versions Fannie Mae requires the following versions of the classic FICO score for both DU and manually underwritten mortgage loans: Equifax Beacon® 5.0; Experian®/Fair Isaac Risk Model V2SM; and. TransUnion FICO® Risk Score, Classic 04.

What is the minimum FICO score for a conventional loan?

620Type of loanMinimum FICO® ScoreConventional620FHA loan requiring 3.5% down payment580FHA loan requiring 10% down payment500 – Quicken Loans® requires a minimum score of 580 for an FHA loan.VA loanNo minimum score. However, most lenders, including Quicken Loans, will require that your score be at least 620Dec 16, 2019