Eligible Properties

1 Unit; Primary Residence

2 - 4 Unit Properties:

This type of housing unit must be self sufficient. You must still qualify for the mortgage based on your income, and your credit, also cash you have for closing as well as the income from the rent from remaining units. The net rental income has to be equal to or greater than the monthly mortgage payment.

Net income is factored by the appraiser's estimate of your rental income taking into account for vacancies.

You must also have 3 months reserves of PITI mortgage payments. These reserves must be your own funds they can not be gifted.


PUD's; Planned Urban Developments


Condos:

A condo must be a FHA approved condo

Double Wide, Single Wide & Modular

• This mortgage must cover the home and its land site.
• The land that this type of home sits on can not be rented.
• Must be affixed to a permanent foundation; with utility connections.
• It must be built and remains on a permanent chassis with all wheels removed.
• It can not have been installed or occupied prior at any other site.
• Also has to be classified and taxed as real estate.
• Can not have a floor plan less than 400 square feet.
• Also would have to have been constructed after; June 15, 1976, in conformance with the Federal Manufactured Home Construction Safety Standers.

Rural Properties

A rural property is FHA eligible but land in excess of 10 acres would not be part of the appraisal therefore the extra land would have no value assigned to it. Therefore the sales price must rely on the first 10 acres and the house.

Townhouse

A townhouse must pass the FHA spot loan test.

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