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Do they even make single wides anymore?

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MARKETVALUE

Thread Starter
Sophomore Member
Joined
Feb 11, 2002
Professional Status
Certified Residential Appraiser
State
Georgia
and if they do who loans money on them?

Just curious, got an appraisal in today for a single wide in a semi-rural county that was built in the 60's.......

I dont think we're bracketed on any line of the entire appraisal.

it may qualify as the ugliest piece of paper to ever leave this office.....

MRM
 

Rich Heyn

Senior Member
Joined
Jan 17, 2002
Professional Status
Certified General Appraiser
State
Michigan
They still make 'em, lots of 'em. The proper terminology for a "singlewide" made after June 15, 1976 is a "single section manufactured home." If what you are looking at was built in the 60's its a "mobile home."

Who loans money on them? Plenty of sources for loans on manufactured homes. Few sources for mobile homes.

FNMA and FHLMC will purchase loans secured by manufactured homes, but not mobile homes. This is why it is so important to properly identify mobile homes, manufactured homes and modular homes, which are treated the same as stick-built by FNMA and FHLMC.

Rich Heyn
 

Jo Ann Meyer Stratton

Elite Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Arizona
Currently Fannie Mae will only loan on a single section manufactured home if it is in an approved project. The Fannie Mae Announcement 02-02 doesn't comment on that particular guideline from the 1995 guide book, so it is unknown what the situation will be after April 30. (I'll have to find out!) Site area and site location for a multi-section manufactured home can be anything and anywhere. FHA will loan on a single wide or multi-section but they have very strict requirements for anchors, type of perimeter enclosure, foundation supports, can only be moved from factory or dealer lot once, etc. Has Tucson contacted you yet Rich?

Has every one read Fannie Mae's Announcement 02-02--April 30 is fast approaching!

http://www.efanniemae.com/singlefamily/ori...ouncements.html

Make copies and fax to every client, lender, realtor, appraiser that you know!!
 

BigBlueGA

Junior Member
Joined
Mar 13, 2002
Professional Status
Certified General Appraiser
State
Georgia
A mobile home from the 60s and it is still in one piece?

Even moreso, still has any value?
 

Richard Carlsen

Elite Member
Joined
Jan 15, 2002
Professional Status
Licensed Appraiser
State
Michigan
HUD Code single wides are still manufactured and in my area we still see them though they are becoming a smaller part of the market due to the appeal of the HUD Code Sectional houses. I've done several in the past year that were on a perimeter foundation and small acreage parcels. One sold FHA. I think about the only financing, other than local lender portfolio, is on HUD Code Mobiles.
 
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