What types of homes are eligible for the HECM program?

FHAeligible property consisting of:
1. 1-4 unit home
2. Possibly a manufactured home constructed after 1976. However, due to collateral value issues, not all lenders accept manufactured homes.
3. Condominiums approved by the Department of Housing and Urban Development (HUD)
4. Co-operatives on a case by case basis.In general, co-ops are not acceptable collateral.
5. If using a HECM for Purchase product, the home must have a completed Certificate of Occupancy.

If you have questions regarding your property and whether it is eligible, discuss them with your HUD-approved counselor before paying for an appraisal.

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