Property Requirements
The property must be
residential in nature as defined by the characteristics of the property and surrounding market area (see Neighborhood Section of the Appraisal Report);
secured by an interest in real property within the meaning of the Internal Revenue Code as such term is defined in 26 C.F.R. § 1.856-3;
safe, sound, and structurally secure (see Property Condition and Quality of Construction of the Improvements);
adequately insured per Homium’s guidelines for property and flood insurance (see Property and Flood Insurance);
the highest and best use of the property as improved (or as proposed per plans and specifications), and the use of the property must be legal or legal non-conforming use (see Site Section of the Appraisal Report);
readily accessible by roads that meet local standards (see Site Section of the Appraisal Report);
served by utilities that meet community standards (see Site Section of the Appraisal Report); and
suitable for year-round use.
Acceptable Forms of Property Ownership
Title to the property must be held as fee simple or leasehold estate.
Acceptable Dwelling Types
Dwelling units for security properties may be detached, attached, or semi-detached.
Properties may be located
on an individual lot,
in a condo project, or
in a planned unit development (PUD) or subdivision project.
Properties located in a condo, co-op, or PUD project must meet Homium’s project standards requirements (see Project Standards).
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