Steadworth's Home Wealth Share program allows you to purchase a home with a lower down payment and share in its future appreciation. However, not all properties are eligible for the program. Here's an overview of the property eligibility criteria:
Eligible Property Types
The following types of properties are generally eligible, subject to meeting Steadworth's investment criteria, for the Home Wealth Share program:
Single-Family Residences: This includes detached homes, as well as homes in planned unit developments (PUDs) that meet certain criteria.
Townhouses: Townhouses that are considered real property and have their own individual titles are eligible.
Condominiums: Condominiums that are FHA-approved or meet Steadworth's specific requirements for non-warrantable condos are eligible.
Restrictions and Considerations
Certain types of properties are not eligible for the program, including:
Non-warrantable Condos: Condos that do not meet FHA or Steadworth's specific requirements may not be eligible.
Properties with Significant Repairs Needed: Properties that require major repairs or renovations may not be eligible, as they may pose a higher risk for Steadworth's investment.
Investment Properties and Second Homes: The program is designed for primary residences only and does not apply to investment properties or second homes.
Property Evaluation Factors
Steadworth considers the following factors when evaluating a property's eligibility:
Property Condition: The property must be in good condition and meet certain standards for livability and safety. Steadworth may require a property inspection report to assess the condition of the home.
Market Value: The property must have a market value that aligns with Steadworth's investment criteria. Steadworth will utilize professional property appraisals to determine the market value of the home.
Location: The location of the property is considered, as it can impact the potential for appreciation. Steadworth evaluates factors such as neighborhood quality, proximity to amenities, schools, and overall market dynamics.
Appraisal Process
Steadworth will require a professional property appraisal to be conducted by licensed appraisers (at the buyer's cost) to ensure an accurate valuation of the property. The appraisal report will provide an independent assessment of the home's market value, considering factors such as its condition, location, and comparable properties in the area.
By understanding the property eligibility criteria and evaluation factors, you can focus your home search on properties that qualify for the Home Wealth Share program and increase your chances of approval.
If you have any questions about specific properties or the appraisal process, don't hesitate to contact Steadworth's team for guidance.