Properties That Qualify for Investment
Learn which types of properties qualify for a Home Equity Agreement with Mend. The key requirement is that the property must be your primary residence.
Single-Family Homes
Detached single-family residences are ideal candidates for Home Equity Agreements.
This includes traditional houses, ranch-style homes, split-levels, and other standalone residential properties. The home must be your primary residence.
Condominiums
Most condos in well-maintained complexes qualify for HEA consideration.
The condo must be in a development that meets our guidelines, including adequate reserves and insurance coverage. HOA-managed properties are generally eligible.
Townhomes
Townhouses and row homes are eligible property types for investment.
Whether attached on one or both sides, townhomes qualify as long as you own the land beneath the unit and it serves as your primary residence.
2-4 Unit Properties
Multi-family properties with 2-4 units may qualify if owner-occupied.
Duplexes, triplexes, and fourplexes are eligible when you live in one of the units as your primary residence. Rental income from other units is a bonus, not a requirement.
Properties That Don't Qualify
The following property types are not currently eligible for Home Equity Agreements.
Manufactured/Mobile Homes
Properties not permanently affixed to land or on leased land do not qualify.
Co-ops
Cooperative housing where you own shares rather than real property is not eligible.
Investment Properties
Properties that are not your primary residence, including rental properties you don't live in.
Vacation/Second Homes
Properties used seasonally or as secondary residences do not qualify.
Commercial Properties
Properties zoned for commercial use or mixed-use with significant commercial space.
Properties 5+ Units
Larger multi-family properties with five or more units are not eligible.
Property Condition Requirements
Beyond property type, we also consider the condition of your home. Properties should be well-maintained and in livable condition.
Structural Integrity
The home should have a sound foundation, walls, and roof without major defects.
Working Systems
Plumbing, electrical, and HVAC systems should be functional and up to code.
No Major Hazards
Properties with environmental hazards, mold, or pest infestations may not qualify.
Standard Construction
Homes should be built with conventional materials and methods.
Minor Issues Are Usually OK
Cosmetic issues like outdated finishes, minor wear and tear, or small repairs are generally not disqualifying. We're primarily concerned with major structural or safety issues that could significantly impact the home's value.
The Appraisal Process
As part of the application process, we'll arrange for an independent professional appraisal of your property. This serves several purposes:
- Establishes accurate current market value
- Verifies property type and condition
- Identifies any significant issues
- Creates baseline for future value calculations
What to Expect
Not Sure If Your Property Qualifies?
Check your eligibility in minutes. Our online tool will help determine if your property type and location are eligible.
Check My PropertyProperty eligibility is subject to verification through appraisal and underwriting. Meeting the general property type requirements does not guarantee approval. Additional factors including property condition, location, and market conditions are considered. Mend reserves the right to decline properties that do not meet our investment criteria.