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Fannie Mae finances residential properties up to 4 units.

Customer Question
I'm in escrow to purchase...
Fannie Mae finances residential properties up to 4 units. I'm in escrow to purchase a 4 unit property. However the current owner converted the garage "illegally" and therefore there's a fifth unit on the fourplex. How's Fannie Mae going to treat this unit?
Submitted: 2 years ago.Category: Real Estate Law
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1/29/2016
Real Estate Lawyer: LawTalk, Attorney replied 2 years ago
LawTalk
LawTalk, Attorney
Category: Real Estate Law
Satisfied Customers: 37,876
Experience: I have 30 years legal experience. Additionally, in CA I held a Real Estate Broker's license.
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Good afternoon,

I'm Doug, and I'm sorry to hear of the confusion. My goal is to provide you with excellent service today.

If the garage were converted without a permit and is therefore illegal, Fannie Mae will not recognize the conversion as a legal unit and you should not have a problem with the 4 unit limitation on your loan. Neither the unit itself, nor the square footage (for purposes of livable space) of the unit will be included in the property evaluation.

You may reply back to me using the Reply link and I will be happy to continue to assist you until I am able to address your concerns, to your satisfaction.

Please be so kind as to rate my service to you. That is the only way I am credited for assisting you.

I wish you and yours the best in 2016,

Doug

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