Page 1 - AAG075_H4P Reference Guide for Realtors
P. 1
HECM for Purchase Reference Guide
for Realtors and Sellers
Sales Contract Property Types Helpful Hints
3 Seller must complete all 3 One to four family, 3 Value is the lesser of sales
FHA-required repairs prior to townhomes, planned price, appraised value or FHA
closing unit development (PUDs), Lending Limit ($726,525 as of
manufactured homes (see January 1, 2019)
3 Signed copy of fully executed next bullet point) & FHA-
contract – all pages 3 Must occupy home within 60
approved condos
days of funding
3 Amendatory Clause and 3 Ineligible property – co-
Real Estate Certification ops, manufactured homes 3 “New Construction” -
documents - signed by seller, produced prior to January Builder’s rep to get closing
borrower and real estate 1, 1990, manufactured statement from closed sales
agent(s) and give to the appraiser.
homes that were installed
3 Seller paid fees may be or occupied previously at Since most builders do not
use MLS the appraiser will
allowed if common and another site or location need these for the appraisal.
customary (see chart on 3 Unique properties accepted
reverse side)
on a case-by-case basis
3 No personal property can be 3 99-year leasehold – lease
included
must not mature until 50
3 No borrowed funds – even if years after the youngest
secured borrower’s 150th birthday
3 No subordinate liens
For industry professionals only –
not intended for distribution to the general public.
AAG075
