1973 Mobile-- Modular or Manufactured Which form to use

[Brookie]

Hello- Subject is a 1973 Mobile Home. The data plate is still in the dwelling. This pre-dates HUD Code standards. No HUD tags. It is on a metal chassis like manufactured or on-frame modular. Since this was built before HUD Code, would this be considered on-frame modular and done on the 1004?

 

[Tim Hicks (Texas)]

It is a mobile home. Notify your client. It may be ineligible for financing. If they say go ahead, ask them what form they want.

 

[Brookie]

It is a mobile home. Notify your client. It may be ineligible for financing. If they say go ahead, ask them what form they want.

I have sent my client a message already. I'm waiting to hear back from them. Thank you for the reply.

 

[glenn walker]

It's a pre 1976 not HUD approved mobile home. It's not financable except by a mobile home lender.

 

[sputnam]

If it is a GSE loan, the form is the 1004C. If it's a non conforming loan, then your Client may have some preference.

 

[DWiley]

If it is a GSE loan, the form is the 1004C. If it's a non conforming loan, then your Client may have some preference.

The 1004C is for manufactured homes.
The OP describes a mobile home, not a manufactured home.

 

[Sadie]

If it is a GSE loan, the form is the 1004C. If it's a non conforming loan, then your Client may have some preference.

The GSE's won't lend on a MH of that age.

 

[sputnam]

Whether or not a Lender will or will not make a loan on a particular property is 100% irrelevant to the role of the appraiser. As the appraiser, it's none of our business. The 1004C is the form that most closely 'fits' the property. If you don't want to use the 1004C, or if the Client requests a different format, then use a GP form or write a narrative. As long as you meet the requirements of USPAP and of the assignment, it really isn't an issue.

 

[Sadie]

Whether or not a Lender will or will not make a loan on a particular property is 100% irrelevant to the role of the appraiser. As the appraiser, it's none of our business. The 1004C is the form that most closely 'fits' the property. If you don't want to use the 1004C, or if the Client requests a different format, then use a GP form or write a narrative. As long as you meet the requirements of USPAP and of the assignment, it really isn't an issue.

The form is a Fannie form and not allowable for something they won't lend on, its imbedded into the form. The issue is the impact of non-conventional financing on the MV.

 

[glenn walker]

There is a Non GSE Mobile Home Form used when we used to do them for Mobile Home Lenders . The OP Needs to tell his Client its a Mobile Home and he does not do mobile home appraisals. There are many lenders who do but they will only value the MH not the land. * Basically what you have is a Land-Lot Appraisal with a Mobile home sitting on it.