Property Types

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The type of property you own is a very important factor in determining your rates and can affect you loan process. There are many types of properties, but the Single Family Residence, the Condominium, and the Planed Urban Development are the most common.

SRF: A Single Family Residence is a type of property in which the structure stands on its own lot. Typically a SFR is designed to house a single family and includes a front and back yard. Homes which are used for both short term boarding (Bed & Breakfasts) and long term boarding (boarding homes) are excluded from being classified as a SFR. The SFR is the most common type of residential property.

CONDOMINUIM: A type of property where all involved parties own the property, building and common areas. The interior of an owner’s specific unit is the only part of the property which is owned individually.

PUD: A Planed Urban Development is a classification in which the unit is planed and built in a special zone within a municipality. PUDs will have homeowners association dues which go towards maintaining the development (streets, lights, parks, etc). A PUD may include any mix of condominiums, SRFs, and retail locations. A PUD may be attached or detached. An attached PUD is one in which one property is physically attached to another property much like a condominium, while a detached PUD is one where the unit sits on its own lot of land within the PUD.

California Mortgage Rates


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