Townhomes sharing common walls and Ownership of land as well.
Planned Unit Developments (PUDs) - Common areas, Managed by HOA and Costs divided between owners.
HUD Approved Condominiums
Owners hold title to Units
Must meet Legal Description requirements
Must be on FHA Approved Project List - HUD Approved
Up to Four Unit Multi Family Residence as long as it is Owner Occupied
2-4 Unit Properties
Contain 2-4 living units.
Borrower MUST occupy one.
Appraisals use form 1025.
Manufactured Homes that meet FHA requirements
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.
Are built in at a factory in sections.
Are treated as "stick built".
Are constructed on site.
The Following Types of Homes are NOT Eligible
NOT eligible for FHA financing.
Moble homes may be taxed separately.
Mobile homes may have wheels.
Many are not permanently attached.
Working Farm Residences
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.
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.
Not Tax or Legal Advice. Always consult Lawyer and Tax Professions. Content of website are the sole opinions of Robert Fulton & does not necessarily reflect those of Fulton Financial Consultants, Inc.'s Investor/Lenders. If the borrower does not meet loan obligations such as taxes and insurance, then the reverse mortgage will have to be repaid." The Terms, benefits and features shared as accurately as possible on best efforts basis and subject to change without notice. "This material is not from HUD or FHA and has not been approved by HUD or any government agency." Please discuss any decision making specifics with Robert Fulton 360-222-3236.