Which properties are considered owner-occupied?

Owner-occupied properties are those where the owner lives in the property as their primary residence. The correct answer, which identifies properties eligible for owner-occupancy under USDA Rural Housing Loan guidelines, specifies 1 unit single-family residences, FNMA (Fannie Mae), VA (Veterans Affairs), or HUD (Housing and Urban Development) approved condominiums.

This option accurately encompasses a range of housing types that can be considered as owner-occupied. Single-family residences are a straightforward example where the owner lives in the home. The inclusion of FNMA, VA, and HUD approved condominiums ensures that buyers in various programs can also qualify if they occupy those units as their primary residences.

In contrast, while single-family homes and other residential properties could include some options, the other choices lack the specificity required under USDA guidelines. For instance, single family homes only narrow down the options too much. PUDs (planned unit developments), while also residential, may not always meet the criteria for owner-occupied properties without clarification on their individual characteristics and approval statuses. All residential properties could theoretically include every type of dwelling, but it lacks the practical specificity necessary for determining eligibility under USDA programs.

Thus, the selection that mentions specific property types clar