1981 Singlewide with a 1991 Addition

[OSU Beavers]

I have a 1004C full interior assignment for a HELOC on a 1981 Singlewide with a 1991 site built Addition. The property looks like a doublewide from the Google Streetview, but it only has one HUD number and one manufactures serial. The same bank has already made conventional loans on this property 13 and 8 years ago. I have only completed appraisals for Hard Money loans on real property singlewides and of course the VA will loan on them. Is this type of dwelling even eligible for conventional financing?

If I do get the proceed from the bank what type of discount are you all finding for singlewides vs doublewides? There was only one real property singlewide sale in my town and it was in a commercial zone next to the grocery store.

 

[Tom D]

In the most recent HUD update that i posted i thought i saw that they are not anal anymore about those serial plate numbers anymore. I posted it recently under FHA. There are more smarter manuf appraisers here.

 

[Vermonter]

If the addition is engineered and approved, it can go conventional. Assuming this bank already knows since they have made loans after the addition.

To be honest, I've only seen ONE approved addition in my 27 years. I don't see a set discount factor for single vs doublewide in my market. It's all dependent on GLA/beds/baths. Frankentrailers are their own market in my area. We have more than you would think. They usually fall somewhere between MH and stick built. One of my local banks lends on them all the time and pays top dollar to appraise them. Usually GP form and inhouse loan.

 

[OSU Beavers]

I thought that these older singlewide units were ineligible, however I found the change in Fannie Mae guidelines:

As of December 14, 2022, we no longer require the date of manufacture to be ten years or less (found on the Data Plate) as of the effective appraisal date of the original appraisal for single-width MH loans to be eligible for delivery to Fannie Mae.

 

[Bobby Bucks]

I had a single wide with an addition a couple months ago. I get a few each year and rarely wind up a comparable with a similar addition. For comparables I usually end up using both singlewides and doublewide and try to find those that are most similar to the subject in quality and condition. Never been able to determine a discount because there is such a wide range of quality with manufactured. Refis on a Trouse are only slightly easier than sales. If the lender knows the animal you're dealing with that makes it better. I have one Monday with a "large sunroom that is heated and cooled". Oh great, a singlewide with a "Bama" room as large as the singlewide. I don't mind doing these because I can usually get higher fees and when they are REOs they tend to die slowly and I see them more than once. When there is no exterior HUD tag often times I can get the numbers from the last mortgage docs on the county website. AI will never perfect Trouse values and neither will I, but I can never see banks assigning them to AI.

 

[Vermonter]

I thought that these older singlewide units were ineligible, however I found the change in Fannie Mae guidelines:

As of December 14, 2022, we no longer require the date of manufacture to be ten years or less (found on the Data Plate) as of the effective appraisal date of the original appraisal for single-width MH loans to be eligible for delivery to Fannie Mae.

HUD code manufactured homes began in 1976.

 

[OSU Beavers]

HUD code manufactured homes began in 1976.

Yes, June 15, 1976. The main driver for the HUD code was to eliminate the aluminum wiring in older mobile homes which poses an electrical fire hazard.

 

[RSW]

The OP needs to read the HUD compliance data plate to see if it was built to allow additions built on it.

 

[sputnam]

I don't know if it's still true but, from a lender perspective, a manufactured dwelling was always a manufactured dwelling no matter how many or how extensive the add ons.