what is the minimum square footage to obtain a loan on a single family dwelling?

Answer 1

Cardboard boxes don't qualify.

Answer 2

I don't understand the question. Are you implying that a bank won't grant a loan on a house that is under a certain square footage? As far as I know that does not happen. Banks grant loans on your home based on their review of your credit, income/employment and income tax information. Then they have the house appraised and use that figure to determine how much of a loan to give you. The only role square footage plays in that is insofar as how it affects the value of the house, and then it only affects the amount of your loan at worst. It isn't, to my knowledge, a factor in actually obtaining such a loan. The few things I mentioned above are.

Answer 3

Wow...bad answers to this question abound. Standard underwriting guidelines for most loans and most companies is 750 square feet. There are always exceptions, for example, a condo in Chicago might only be 500 square feet, but be work $900k.

Answer 4

I work for United Lenders Group and I work with over 45 different banking companies so I could get you a mortgage loan no matter what your situation might be
916-606-1090
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Answer 5

This depends on your State requirements, and your city requirements. Each state and city do have requirements for Single Family residents (SFR), you have to have certain footage and there are certain amenities that have to be in the SFR. I would call or go on-line for the County Clerk.
You can also go down to the city/county clerks office in that city and ask for the requirements.

Answer 6

AmPro Mortgage Corporation
FHLMC
Underwriting Guidelines
Co-ops are not allowed on any program.
Inter Vivos Trusts are not acceptable.
One-Time Construction Permanent Mortgages not offered
Construction Mortgages not offered
Condo with Leaseholds are not permitted on any program.


For AmPro Specific Guidelines, click HERE


As Of 02/17/05






Link to Underwriting Options







If you receive an LP decision "Caution" with the feedback message "Freddie Mac Eligible A-Minus Offering", refer to Freddie A- LTV's and Specific Guidelines.
The feedback message will appear in the Loan Processing information section of the Feedback Certificate and will read as follows: Selected Credit Score is the Loan Prospector selected credit score from Selected Repository for Selected Borrower.


The key to underwriting an LP loan is to be sure you read the feedback message accurately, in conjunction with the documentation and underwriting matrix, and provide the information required. Below are some general guidelines. However, as LP is always updating information for underwriting, it is highly recommended that you utilize the Loan Prospector information using Freddie Mac guidelines via the Freddie Mac web-site for detailed information.

Click here for the Freddie Mac web-site, Tools for Lenders (which includes a link to the User Guide).
Click here for the Freddie Mac Seller/Servicer guide (which includes the latest industry bulletins)






Borrower Eligibility
For an Accept Mortgage eligible for Accept Plus Documentation, Loan Prospector has determined that Borrower credit-worthiness is acceptable
The Feedback Certificate documents the acceptability of the Borrower's credit-worthiness
For all other Accept Mortgages and A-minus Mortgages, Loan Prospector has determined that the Borrower is credit-worthy provided the amount of stable monthly income used by Loan Prospector is correct and meets the requirements for stable monthly income as verified under the applicable verification requirements of this chapter
Additional evaluation of Borrower credit-worthiness by the Seller is not required
For all Accept Mortgages and A-minus Mortgages, Loan Prospector has determined that the layering of risk is acceptable
The Seller does not have to make this determination






Documentation Level Overview

The Documentation Level shown on the Feedback Certificate indicates the minimum level of documentation acceptable for a Loan Prospector Mortgage. The Seller must provide the level of documentation required on the Documentation Level returned.
The Documentation Level for users of Loan Prospector Classic will be identified in a feedback message under the Documentation Guidelines section of the Feedback Certificate.
Loan Prospector can evaluate mortgages containing a maximum up to five (5) borrowers.
For Loan Prospector Mortgages, if any information changes during the processing of a loan application that requires re-submission to Loan Prospector, the Seller must comply with the requirements of the Documentation Level resulting from the re-submission.
All Non-Loan Prospector Mortgages must at least be documented according to Standard Documentation.






Title requirements
Generally, loans that have been made to natural persons only are acceptable.
Title to the property must be in the name of the individual borrower.
A mortgage is not eligible for delivery if the borrower is another type of legal entity -- such as a corporation, general partnership, limited partnership, or real estate syndication. (A land trust as the borrower is acceptable in some states if the beneficiary is an individual).






Living Trusts
A living trust is an eligible Home Mortgage Borrower if it meets the following conditions:
The settlor is the trustee or one of the co-trustees.
The settlor occupies the property either as a Primary Residence or as a second hom.e
The loan applicants are the settlor in the settlor's individual capacity and the trustee on behalf of the trus.
The loan documents are executed as follows:
The Note is executed by both the settlor individually and the trustee on behalf of the trust.
The Mortgage is executed by the trustee on behalf of the trust and acknowledged by the settlor.
The title to the property is vested in the trustee on behalf of the trust (or such other manner as is customary in the jurisdiction for living trusts).
The title insurance policy does not list any exceptions arising from the trust ownership of the property.
The Seller must follow the special underwriting requirements for living trusts and must retain in the Mortgage file either:
A complete copy of the trust documents, or
In jurisdictions that require a lender to review and rely on an abstract or summary of trust documents instead of the trust agreement, a copy of the abstract or summary.






Residency
All borrowers must have a valid Social Security number.
Borrowers must be a U.S. citizen or permanent resident alien or meet guidelines listed under non-permanent resident alien Section.
Permanent Resident Aliens
A borrower who is lawfully residing in the U.S. as a permanent resident alien is eligible for a mortgage on the same terms as a U. S. citizen, and must have valid resident alien card.







Non-Permanent Resident Aliens
Permanent and non-permanent resident aliens nationwide now have full access to the same products and offerings available to U.S. citizens, including:

Mortgages on primary residences.
Mortgages on Investment Properties and Second Homes.
No special restrictions on borrower funds.
No additional documentation requirements.
Eligible if the following applies:

2 year history in the US for employment, credit and assets.
Must provide one of the following types of VISA:
H-1, Temporary worker.
L-1, Intra-Company Transferee.
E-1, Treaty Trader or Investor.
G series (G-1, G-2, G-3, G-4) Verification that the applicant does not have diplomatic immunity must be obtained.
I-551 Alien Registration Receipt Card without an expiration date. If the I-551 has an expiration date, an INS Form I751 or non-expired passport is also required.
TN, NAFTA VISA, or TC, NAFTA VISA used by Canadian or Mexican citizens for professional or business purposes.






ineligible borrower
Foreign Nationals.







Multiple Loans to One Borrower
Four loans total per Borrower of which only one property may be owner occupied and one is a second home.
Owner-occupied - one owner occupied loan per Borrower.
Second Home - maximum one second home loan per Borrower.
Non-owner - maximum four, including primary residence.

Answer 7

very good question