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Eligible Properties
1-4 unit primary residences,
Planned Urban Developments (PUDs),
Approved Condos, Double-wide manufactured
homes, and Modular or pre-cut housing are all
considered to be eligible. Special
eligibility requirements for certain properties
are listed below.
3-4 Unit Properties
The 3-4 Unit Property must be
self-sufficient. The net rental income must
be equal to or greater than the monthly mortgage
payment. The net rental income is the appraiser's
estimate for vacancies or the vacancy factor
used by the jurisdictional HOC, whichever is
greater.
Borrowers must still qualify
for the mortgage based on income, credit, cash
to close, and projected rents received from
the remaining units.
Borrowers must have reserves
equivalent to three months of PITI mortgage
payments. These reserves can not be gifted and
must be the borrowers own funds.
Double-wide Manufactured
Must have a floor area of not
less than 400 square feet.
Be constructed after June 15,
1976, in conformance with the Federal Manufactured
Home Construction and Safety Standards, as evidenced
by an affixed certification label.
Be classified and taxed as real
estate.
The mortgage must cover both
the manufactured unit and its site.
It must not have been installed
or occupied previously at ant other site or
location.
Built and remains on a permanent
chassis with all wheels removed.
Affixed to a permanent slab
with utility connections.
Rural Properties
Rural properties are FHA eligible
however no value can be assigned to any acres
above 10. The sales price of the property must
rely only on the first 10 acres including the
house.
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