Ask the Underwriter #13

Let's answer some of the questions we've recently received from our mortgage partners!

Question
The subject property has an encroachment of a shed built in the utility easement. Is that acceptable?

Answer
A shed that is built in the utility easement on the subject property is acceptable, so long as the shed is completely within the property boundaries. 

Question
Can Servion finance an 80-acre parcel with a home on it? Are there any acreage limits?

Answer
The answer to this question varies depending on what type of loan is under consideration:

• Conventional loans: Yes, we can finance an 80-acre parcel with a home on it, provided that the appraiser indicates that the highest and best use of the property is residential and provides like-size comparables. The property cannot be a working farm. If it is a working farm, then we cannot finance it.
• Government loans: Servion has a 20-acre limit.
• ARM programs: Servion has a 20-acre limit. 

Want to ask our underwriters a question?

To ask a question, just send an email to underwriting@myservion.com. Your question could be featured here, where it could help others who are wondering the same thing!