Common special property types

Common special property types

Common special property types are Condos and Manufactured Homes. This is not a full list of all guidelines but a starting point with basic information.

Condos

FHA

The Condo must already be approved through FHA. If not there are two options for approval.
  1. The condo association must apply directly with HUD. This takes a lot of time and will most likely kill your deal.
  2. If the lender is approved by HUD to review and approve your condo then this is a viable option.
    1. You will need to obtain all of the standard documents: Condo Questionnaire, Master insurance policy, current year’s budget and the Recorded Declarations and By Laws.

VA

  1. Condos must go through an approval process. A written request for VA approval along with the Condo organization docs must be sent by UW (http://www.benefits.va.gov/homeloans/contact_rlc_info.asp)
  2. Provide a condo questionnaire, Master insurance policy, current year’s budget and the Recorded Declarations and By Laws.

Manufactured Homes

A few nuances found here are as follows:
  1. If you have a well and septic, they must be a prescribed distance apart
  2. Well water must be tested for quality and safety
    Note: This is the case whenever you have a well with any property type
  1. You will need a structural engineers report
  2. FHA states the home must be constructed on or after June 16, 1976
  3. VA - homes must be classified and taxed as real property
  4. First time set down only

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