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Manufactured Home FHA Form Deliema

Discussion in 'FHA/HUD and VA' started by Jon Cox, Nov 25, 2008.

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  1. Jon Cox

    Jon Cox New Member

    0
    Nov 25, 2008
    Professional Status:
    Certified General Appraiser
    State:
    California
    An out of town lender has requested that I do an FHA appraisal on a manufactured home located on leased land in a park. I have done manufactured homes on owned land before on the 1004C form, however, I have always used the MPR2 form for manufactured homes in parks on leased land. First off does anyone know if FHA does loans on mobie nomes in parks on leased land and secondly if FHA does what form do they want us to use?

    Unfortunately I asked the lender to check with his underwriter and he said he really doesn't care and wants me just to send him a report. Any help you can provide would be greatly appreciated.

    Thanks, Jon Cox, Santa Maria CA
     
  2. mp2277

    mp2277 Junior Member

    3
    Mar 21, 2008
    Professional Status:
    Certified Residential Appraiser
    State:
    Virginia
    I woulod suggest e-mailing your HOC, but I don't think FHA will accept that
     
  3. CANative

    CANative Elite Member

    121
    Jun 18, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    Isn't that a Title I program with teeny-tiny loan limits? And isn't the NAS forms using NADA the required method?
     
  4. hglenbetts

    hglenbetts Senior Member

    2
    Dec 3, 2007
    Professional Status:
    Certified Residential Appraiser
    State:
    Michigan
    Manufactured home on leased lot = personal property, not real estate.:shrug:
     
  5. Don Clark

    Don Clark Elite Member

    7
    Jan 17, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Virginia
    I would do it on the 1004C. The NADA form is for new FHA HUD Code MH's. If this is not new, I would use the 1004C and make note that it is personal property. (See Chapter 8, 4150.2) if it is for FHA.
     
  6. Jon Cox

    Jon Cox New Member

    0
    Nov 25, 2008
    Professional Status:
    Certified General Appraiser
    State:
    California
    Thanks for the input I will check Title I for additional info. However, Title II states that the subject must be classified and taxed as real estate and manufactured homes on leased land are taxed as personal property in CA....Thanks for the help, Jon Cox
     
  7. Mike Boyd

    Mike Boyd Elite Member

    0
    Jan 18, 2002
    Professional Status:
    Retired Appraiser
    State:
    California
    Greg is correct. Why wouldn't he be? LOL
     
  8. Jo Ann Meyer Stratton

    Jo Ann Meyer Stratton Elite Member

    25
    Jan 16, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Arizona
    If Title I and no land, the 1004C will not be applicable. Now if they have a 99 year lease or something similar that can be transferred by the borrower then you have a different story. But if the lot rent is month by month do not use the 1004C.
     
  9. CANative

    CANative Elite Member

    121
    Jun 18, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    Don... Chapter 8 pertains to Title II (MH on fee land)

    I was talking about Title I (MH's not on fee land)

    http://www.hud.gov/offices/adm/hudclips/handbooks/hsgh/4150.1/41501c10HSGH.pdf

    http://www.nadaguides.com/priceguid...ed-housing-national-appraisal-system-nas.aspx

     
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