Homeownership Center Reference Guide

Information by State  Print version  Email this to a friend

Chapter 1 Appraisal and Property Requirements Unique Properties: Shared Lots with Undivided Interest Page 1-17b

   Properties, including condominiums, with legal descriptions that read "An undivided 1/2 (or 1/3,) interest in and to Lot. . . . ." are NOT eligible for mortgage insurance. If requested to do an appraisal on a property with this kind of legal description, the appraiser should REJECT the property as the lot is not considered a Fee Simple entity. The lender should be notified of the Reject as soon as it is determined.

	Unique properties
	Shared lots with undivided interest
	Excess land
	Non residential use
	Move ons
	Forest and farm property tax deferral programs