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| Single Famly Dwellings |
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| Single Family Dwelling
Only one dwelling unit.
Only one primary kitchen.
Has a main front door entry.
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| Town Homes and PUDs
Townhomes sharing common walls and Ownership of land as well.
Planned Unit Developments (PUDs) - Common areas, Managed by HOA and Costs divided between owners.
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| HUD Approved Condominiums |
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| Condominiums
Owners hold title to Units
Must meet Legal Description requirements
Must be on FHA Approved Project List - HUD Approved
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| Up to Four Unit Multi Family Residence as long as it is Owner Occupied |
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| 2-4 Unit Properties
Contain 2-4 living units.
Borrower MUST occupy one.
Appraisals use form 1025.
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| Manufactured Homes that meet FHA requirements |
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| Manufactured Homes
These are eligible so long as they meet FHA requirements.
They may be Single wide or Double wide.
Chassis is a structural part of the home.
Must display or contain a HUD seal
Must be legaly real estate.
May require Structural Engineer report.
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| Modular Homes
Are built in at a factory in sections.
Are treated as "stick built".
Are constructed on site.
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| The Following Types of Homes are NOT Eligible |
| Mobile Homes
NOT eligible for FHA financing.
Moble homes may be taxed separately.
Mobile homes may have wheels.
Many are not permanently attached.
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| The Following Property Types and or Property Uses are also NOT Eligible |
The following types of property uses are considered NOT Eligible for Reverse Mortgages.
Cooperative Units
Commerical Properties
Properties with Limited Marketability
Investment Properties such as rental houses
Condo Projects with less than 2 Units
Condos not on approved lists
Second Homes - although this is currently been under review
Properties on Indian Reservations
Non-Residential Use- Some consideration on case by case, when less than 25% of area is business use and is primary residence.
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