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Attyadvisor
Attyadvisor, Attorney
Category: Real Estate Law
Satisfied Customers: 5841
Experience:  28 years of experience in General Practice, Real Estate Law and Estate Law.
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This is probably more / banking specialists, but I

Customer Question

Hi. This is probably more for mortgage / banking specialists, but I didn't see that category. What is the minimum requirement for a home to be refinanced, as far as square footage to qualify as a home, and any other requirements to make it a legal dwelling
that would be eligible for refi? We have property with a liveable home on it, but it's funky and doesn't qualify for conventional mortgage. We have a private mortgage, and want to see what needs to be done to re-fi. I think the current home would have to be
completely scrapped and just start fresh with a new one. I'm in Oregon. Thank you!
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Robin D. replied 1 year ago.

Hello,

Each lending institution has different underwriting guidelines for evaluating a potential borrower .

Generally though, most lenders look at certain items for you to qualify:

Income

Credit Score

Debt

Plus you may need to have at least 20% equity to refinance your mortgage. You should start by speaking to the mortgage department where your loan is now held. They can tell you if you qualify and many times the fees to refi are less if you go with your original lender.

Customer: replied 1 year ago.
We're not asking about the requirements for the borrower. I am asking about the requirements for the HOME to qualify as a liveable structure under Oregon state law. How many minimum square feet, does it require an indoor bathroom, any specifics for kitchen or cooking fixtures, etc. What are the minimum requirements for a HOME in Oregon to qualify for conventional financing.
:-)
Expert:  Robin D. replied 1 year ago.

Thank for that clarification.

I will request that a Real Estate Attorney be assigned your question then as it is would fall more under knowledge of real estate law.

Do not respond to me as that will delay the transfer to legal.

Customer: replied 1 year ago.
Hi. No one has yet answered my question.
Expert:  Attyadvisor replied 1 year ago.

Sorry about the delay I am a real estate attorney and it will be my pleasure to assist you.

The size of the home would not matter to the lender. The issue would be whether the home meets the building code requirements fora residential dwelling. If all code requirements have been met there should be no issue with conventional financing. Depending on where in Oregon you are located you would contact the building department for their code requirements. Do you already have a certificate of occupancy?

For example this is the code for Portland https://www.portlandoregon.gov/bds/36808

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