Hi, good morning! My name is Tom Heath with the Heath Team at Nova Home Loans. Today is November 16th and this is our weekly update on Mortgage and Real Estate Matters! And this week’s topic is Private Roads.
When our subject property is on a privately maintained road, and that hopefully is identified upfront through MLS and will certainly become a parent on the appraisal, each of the loan programs has their own requirements. With a VA loan, we are required to have a road maintenance agreement. With FHA, we are not as long as there’s an easement showing access to the property.
Conventional is a little trickier; Fannie Mae requires a road maintenance agreement and Freddie Mac does not, so when you know that the subject property is on a private road, communicate that upfront to your loan officer. Make sure you’re on the same page and we can look for the best loan program for your clients.
As always, if you have any questions feel free to reach out to us directly, head over to our web page TheHeathTeam.com for more information about this and other topics that we cover each week. If there’s a question burning in your mind that you would like an answer, feel free to reach out to us and let us know and we’ll include that as one of our weekly updates. Thanks for your time. Have a great week. Talk to you next Monday.