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      🗓️ Recorded: 7/28/2025
      ⏱️ Est. Time: 38 mins
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      Training on Property Types - Overview

      This session is designed to help team members enhance their understanding of property eligibility, documentation expectations, and processing nuances. Whether you are new to the team or want a refresher, this training will offer practical guidance to support smoother and more compliant transactions.

      What this session covers:

       
      SFR & Planned Unit Development (PUD) These are the most common, straightforward, and easiest property types, serving as the baseline.
       
      Condos It's crucial to check the legal description for the word "condo" or "condominium" to verify the property type.
       
      Two-to-Four Unit Property (Multi-unit) This category includes duplexes, triplexes, and fourplexes, which are the largest allowed for agency loans before the property falls into the commercial/NonQM category.
       
      Manufactured Homes These homes are built in a factory and must be permanently affixed to the lot to be eligible for agency loans.
       
      Modular Homes These are also factory-built but are considered a single-family residence, with the appraiser ultimately confirming if they can be treated as such.
       
      Mobile Homes If a property does not qualify as a manufactured home because it is not permanently affixed, it is considered a mobile home, requiring a lender that specializes in this property type.
       
      Co-ops An uncommon property type where the borrower owns shares in a building.
       
      Mixed Use A multi-unit property that includes commercial space, requiring that the majority (over 51%) of the living space be residential.
       
      Leasehold This is an uncommon scenario where the borrower owns the property, but the land is leased, requiring verification of the lease terms.
       
      Newly Built Homes These require proper timing for the appraisal, a Certificate of Occupancy, and potentially a final inspection (1004D) and various builder forms for government loans.