A. General Requirements

To be eligible for AmMAC mortgage financing all properties must be:

 

Improved real estate

 

Designed and available for year round use

 

Complete with kitchen and bathroom facilities 

 

Heated by a continuously-fueled heat source which is permanently affixed to the real estate.

 

Have a lot size less than or equal to 10 acres (see Texas Properties – Property Zoning Requirements for additional restrictions in Texas)

B. Acceptable Property Types

Acceptable property types are:

 

Single family detached 

 

Detached PUDs

 

Rural Properties (but no agricultural zoning or hobby farms are allowed)

See Loans – General Information for product availability, LTV/TLTV and geographical restrictions.

Single Family Detached

A single family detached property is a home that does not share common ground with neighboring properties and contains only one living unit.

PUDs

A Planned Unit Development (PUD) is a parcel of land that contains common elements and improvements that are owned and maintained by a homeowner's association, corporation or trust. The common elements are for the benefit and use of the individual homeowners within the PUD. The housing units may only be detached (AmMAC does not provide mortgage financing for attached PUDs). PUD questionnaires are not required for detached PUDs.

The pre-sale and owner occupancy requirements that apply for condominium projects do not apply to PUDs, provided the appraiser does not indicate marketability problems. If the appraiser indicates marketability problems, the PUD is not eligible for mortgage financing by AmMAC.

Rural Properties

AmMAC will provide financing on properties the appraiser has designated as rural in nature, provided the zoning is residential—not agricultural or commercial of any type. Additionally, no income can be derived from the subject property nor can it be a Hobby Farm, or it is ineligible for financing.

C. Unacceptable Property Types

Unacceptable property types include, but are not limited to:

  • Single family attached homes/attached PUDs
  • Detached PUD where title indicates the HOA is involved in a lawsuit
  • Condominiums
  • 2-4 Unit
  • Property subject to any kind of ground lease
  • Time-share projects
  • Condotels/Resort Condominiums
  • Unimproved land
  • Cooperatives
  • Factory built housing (prefabricated or modular)
  • Log, earth or dome homes
  • Hobby farms
  • Manufactured homes
  • Investment Properties of any type
  • Any property whose condition is rated C5 or C6 by the appraiser.
  • Any property whose quality is rated Q5 or Q6 by the appraiser.
  • Any property without permanent utilities.
  • Any property without heating.
  • Any property with an environmental hazard

 

Definition - Environmental hazards relate to any natural or man-made characteristics that are present in, or affect, the subject neighborhood. Environmental hazards include hazardous wastes, toxic substances, radon gas, asbestos-containing materials, urea-formaldehyde insulation, sulfur-emitting drywall (also known as Chinese Drywall), etc., whether they exist in or on the subject property or on any site within the vicinity of the property.

  • Properties appraised subject to repairs (repairs must be completed prior to the close of AmMAC’s loan and the appraiser must re-inspect and certify that repairs have been completed, prior to the closing of our loan)