Multiple Parcels
The table below provides the requirements when the security property consists of more than one parcel of real estate.
| ✓ | Multiple Parcels Requirements |
|---|---|
| Each parcel must be conveyed in its entirety. | |
| Parcels must be adjoined to the other, unless they comply with the following exception. Parcels that otherwise would be adjoined, but are divided by a road, are acceptable if the parcel without a residence is a non-buildable lot (for example, waterfront properties where the parcel without the residence provides access to the water). Evidence that the lot is non-buildable must be included in the loan file. | |
| Each parcel must have the same basic zoning (for example, residential, agricultural). | |
| The entire property may contain only one dwelling unit. Limited additional non-residential improvements, such as a garage, are acceptable. For example, the adjoining parcel may not have an additional dwelling unit. An improvement that has been built across lot lines is acceptable. For example, a home built across both parcels where the lot line runs under the home is acceptable. | |
| The mortgage must be a valid first lien that covers each parcel. |
For additional information, see B2-3-04, Special Property Eligibility Considerations.