2055 Ext. Manufactured Home?

[Saffel]

This is kind of a silly question, for some reason I am drawing a blank.

I recently had a client send me a request for a (2nd) appraisal for a manufactured home. (I did not complete the first report) This is for an FHA refi. The lender is only requiring a Exterior appraisal for the 2nd appraisal.

Do I simply use the 2055 for and note that the structure is a double wide? Or do I use the 1004c form?

Keep in mind that I have no information as far a HUD tags/Serial #'s/make and model of the subject.

Thanks,

Greg Saffel
WA.

 

[Ted Martin]

I'ld be inclined to do it subject to rather than as is since you are making assumptions as to what kind of a duck you are looking at. 2055 / 1004c? I'ld go with the 2055, again because you really don't know what it is.

 

[Carnivore]

If I understand the lender rules they can not pass on this additional appraisal cost to the borrower. Even if they could, how much are they really saving by using a DB over an Interior?

You know this is interesting because it is typical QLC Crowd (Quick,lean,cheap). So what do they do, they order a Drive by for a Double Wide. Ya, that makes sense, these DW's are better then stick built and hold up really well, especially inside. Those paneled walls are nearly indistructable.

 

[Jerry Bone Jr]

Why don't you use the 2055c ???

 

[Rebecca Snyder]

Jerry,

What is the 2055c? I'm currently having this problem, and I can't find this particular form (unless your comment was in jest). But if there is one that would be great!

 

[Michael Tipton]

I would request an upgrade to a interior inspection or decline the request. The following is copied from the attached Mortgagee Letter 2008-09.

If the property is a one-unit detached house, the second appraisal may be an exterior-only appraisal using form Fannie Mae/Freddie Mac 2055; any repair requirements noted in the original interior-exterior appraisal report must be adhered to if the second appraisal is an exterior-only appraisal. Condominium units including detached site-condominiums; manufactured housing; and 2-4 unit properties are not eligible for exterior-only second appraisals and must be completed on the appropriate appraisal form.

http://www.HUD.gov/offices/adm/hudclips/letters/mortgagee/files/08-09ml.doc

 

[CANative]

You guys and gals aren't keeping up withe the mortgagee letters...

2008-09

What form must be used for the second appraisal?

If the property is a one-unit detached house, the second appraisal may be an exterior-only appraisal using form Fannie Mae/Freddie Mac 2055; any repair requirements noted in the original interior-exterior appraisal report must be adhered to if the second appraisal is an exterior-only appraisal. Condominium units including detached site-condominiums; manufactured housing; and 2-4 unit properties are not eligible for exterior-only second appraisals and must be completed on the appropriate appraisal form.

 

[CANative]

Doggonit Michael! You snuck in and out while I was waiting for my stupid hughesnet system to load AF pages.

 

[Michael Tipton]

Doggonit Michael! You snuck in and out while I was waiting for my stupid hughesnet system to load AF pages.

Not a problem Greg, I am surprised this wasn't posted in the FHA section.

 

[Greg Bell]

DO NOT DO A 2055 EXTERIOR ON A MANUFACTURED HOME...Trust me I was bitten on this one..