Fannie Mae has recently adopted new national standards for square footage that were originally developed by the American National Standards Institute (ANSI) for appraisers. This means you’ll begin to see differences in the living space reported by appraisers versus the public record.
For example, a Cape Cod-style home with a six-foot second-floor ceiling wouldn’t meet ANSI standards for above-grade living space. A minimum seven-foot ceiling is now required. However, the square footage may be included in the public record. The changes apply only to single-family homes.
Fannie Mae stated that these changes were needed because there were multiple regional standards in use. The goal is for the new standards to cause less confusion for everyone in the long run.3
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