1824 Kennedy Dr, Placentia, CA 92870

Like all properties in this subdivision, this property is a site condominium (sometimes called a detached condominium). It meets the U.S. Department of Housing and Urban Development definition of a unique Site Condominium, as taken from HUD Mortgage Guide 11-22 pg. 19, 1.8.1 Site Condominiums. The chief differences from other condominiums are a) it is detached, b) the owner owns the land surrounding and beneath the structure, and c) it has a vertical condominium ownership structure (literally, the common area is a volume of space elevated above ground level, not physically accessible by any person, depicted solely to satisfy the requirements of condominium creation under State law.) Californian developers increasingly choose the site condominium method of land division because it removes many of the delays involved with state, county, and local department agencies under the traditional platting process. More importantly, mortgage lenders treat site condominiums as single family residences. This is because they have access to favorable interest rates, as there is no Fannie Mae loan-level pricing adjustment added to site/detached condominiums when the original lender sells the mortgage on the secondary market.