There are different types of real estate that the FHA insures- single-family homes, row houses, duplex, triplex and fourplex, condominiums and manufactured homes. The FHA or Federal Housing Administration insures the financing of real estate properties mainly used for living or primary residence.

1. Single Family Residences – Single family residences are types of homes composed of units attached together, but are divided by a common wall that does not allow access to the other units. They are actually detached or a stand-alone unit that could be attached to another building. For FHA to insure these types of homes, it must be a personal residence and not as an investment property. Example of a single family home, as FHA defines, are condominiums, town homes or manufactured houses.

3. Condominiums and Town homes – Take note that not all Purcellville Condos can be FHA-insured. When purchasing a condo, the entire condominium projects must meet FHA criteria – No more than 25 percent commercial space, no more than 10 percent of the units may be owned by one investor, the condo must have at least 50 percent of the units in the complex must be owner-occupied, and more. Another type of property that can qualify for an FHA insured mortgage is a condominium unit, town home or row house that belongs to an FHA-approved condominium project.

4. Manufactured Homes – Just like that of condos or row houses, manufactured homes must meet the FHA criteria like owning the land under the manufactured home. However, manufactured homes built before 1976 are not qualified for an FHA mortgage loan. According to HUD, mobile homes or certain manufactured housing units can qualify for FHA insurance given that the manufactured housing unit is on a permanent foundation. Thus, FHA insures permanently affixed manufactured homes as single family homes.

FHA or Federal Housing Administration insurance has helped qualified borrowers obtain affordable home mortgages. Since its creation in 1934, it has played a very important role in insuring loans of millions of properties and has helped in the stabilization of the housing market during the past years.

Want to buy a house from HUD Homes in Denver Colorado? Do your homework first and speak directly with your lenders to determine the best mortgage option for your Crosby TX foreclosures to help you clarify matters on loan amounts and mortgage pre qualification requirements.