1. Detached Single-Family House

– No shared walls, floors or ceiling.

– Exclusive ownership of the land the house sits on (typically).

– Often higher-budget than otherwise comperable condos/attached units with similar characteristics.

2.Condominium (“Condo”)

–  An individual unit within a complex/community in which the owner owns only the interior “airspace” of the unit.

– The unit may share walls on the sides and may have other units above and/or below.

–  Ownership and responsibilities for the exterior and common areas are shared among homeowners.

Note: Homeowner Association fees will play a part in your Debt-to-Income ratio (DTI), so it’s important to keep these fees in mind when considering your budget.

3.Townhome 

–  An individual unit within a complex/community in which the owner often owns only the interior of the unit, and in some cases, the exterior of the unit including as well.

– The unit may share walls on the sides, but will not have other units above or below.

–  Ownership and responsibilities for common areas are shared among homeowners.

Note: Homeowner Association (HOA) fees will play a part in your Debt-to-Income ratio (DTI), so it’s important to keep these fees in mind when considering your budget.

4.Twinhome

–  An individual unit within a complex/community in which the owner owns the interior of the unit and most likely the exterior of the unit as well.

– The unit shares one wall on the side with another unit. 

–  Ownership and responsibilities for areas are shared among homeowners.

Note: Homeowner Association fees will play a part in your Debt-to-Income ratio (DTI), so it’s important to keep these fees in mind when considering your budget.

5. Multi-Family (2-4 Units)

–  Residential properties with 2-4 units.

–  Includes Duplexes, Triplexes and Fourplexes.

–  Could also be 2-4 separate houses on one parcel, or a combination of detached and attached units.

–  The owner owns all of the units collectively.

Note: May be financed with most residential financing so as long as buyer/borrower lives in one of the units.  This includes low/no downpayment loan options such as VA/FHA!  This type of property offers a great way to “house hack” by having your tenants help pay off your mortgage, plus you own a more valuable asset!

6.Mobile/Manufactured Home 

–  A prefabricated structure, built in a factory on a permanently attached chassis before being transported to site 

– Situated in land-lease communities known as mobile home parks or manufactured housing communities; these communities allow homeowners to rent space on which to place a home. In addition to providing space, the site often provides basic utilities such as water, sewer, electricity, or natural gas and other amenities such as mowing, garbage removal, community rooms, pools, and playgrounds.

–  Ownership and responsibilities are for the unit only; the rented lot is typically the responsibility of the park.

Note: Land/lot lease fees are often many hundreds or even thousands of dollars monthly and will play a major role in your Debt-to-Income ratio (DTI), so it’s important to keep these fees in mind when considering your budget.