HOME EQUITY LOAN
Eligible Property Types

Eligible Property Types

– Single family detached one-unit

– Single family attached one-unit

– Leasehold property provided the lease expires a minimum of 5 years past the note maturity date

– PUDs

– Condominiums

– Must be reviewed by CPM and must not receive an “unavailable”, “guide ineligible” or “incomplete certification” status designation

– Must be Fannie Mae warrantable property (including master policy and HO6 insurance requirements) 

Ineligible Types

– 2-4-unit properties

– Properties > 20 acres

– Texas properties > 10 acres

– Properties located on Hawaiian Home Lands trust land

– Commercial enterprises (e.g., bed and breakfast, boarding house, hotel)

– Condotels

– Cooperatives

– Unwarrantable condos

– Unique properties, such as geodesic domes

– Hotel condos

– Log homes

– Manufactured homes or any dwelling built on a permanent chassis

– Mixed-use properties

– Mobile homes

– Properties held in a business name

– Properties with environmental hazards

– Timeshares

– Unimproved land and property currently in litigation

– Working farms and ranches

– Zoning violations including residential properties zoned commercial

– Properties with private transfer fee covenants

– Properties in C5/C6 or Q6 condition as indicated on any appraisal product

– Lava zones 1 or 2