The Fannie edict was in June of 2003. Letter 06-03 or 03-06, whichever way the number system works.
XI, 304.01: Manufactured Homes (06/15/07)
Any dwelling unit built on a permanent chassis and attached to a permanent foundation system is a “manufactured home” for purposes of Fannie Mae’s guidelines. Other factory-built housing (not built on a permanent chassis), such as modular, prefabricated, panelized, or sectional housing, is not considered manufactured housing and continues to be eligible under the guidelines stated in this
Guide.
XI, 304.02: Other Factory-Built Housing (08/24/03)
A. Modular home. It must be built under the Uniform Building Code that is administered by the state agency that is responsible for adopting and administering building code requirements for the state in which the modular home is installed.
B. Factory-built home that is any other type of prefabricated, panelized, or sectional housing. It does not have to satisfy either HUD’s Federal Manufactured Home Construction and Safety Standards or the Uniform Building Codes that are adopted and administered by the state in which the home is installed. The home must conform to local building codes in the area in which it will be permanently located.
We do not have minimum requirements for width, size, roof pitch, or any other specific construction detail for modular homes, or any other types of factory-built homes. Rather, each home must have sufficient square footage and room dimensions to be acceptable to typical purchasers in the subject market area. Since quality can account for large differences in the values of factory-built homes, it is important for the appraiser to become familiar with the features that affect the quality of a factory-built home so that the information can be included in the appraisal report (if needed) to support his or her opinion of value.
The process of selecting comparable sales for factory-built housing is generally the same as that for selecting comparable sales for site-built housing. We require the appraiser to address both the marketability and comparability of modular homes and other types of factory-built housing. When the subject property is modular, prefabricated, panelized, or sectional housing, we do not require that one or more of the comparable sales be the same type of factory-built housing (although using comparable sales of similar types of homes generally enhances the reliability of the appraiser’s opinion of value). We do expect the appraiser to include in the appraisal report the most appropriate comparable sales data to support his or her opinion of value for the subject property.
XI, 304: Factory-Built Housing (08/24/03)
Factory-built housing includes manufactured homes, modular homes, and other types of prefabricated housing. We purchase mortgages secured by factory-built housing that is designed as a one-family dwelling, assumes the characteristics of site-built housing, and is legally classified as real property. We require the factory-built home to be permanently affixed to a foundation system that is appropriate for the soil conditions of the site and designed to meet local and state codes.
The appraiser must identify the type of factory-built housing that is to be appraised since that is an important criterion in defining the appropriate market area and in selecting comparable properties.
This is all I am finding...
I don't see any mention of the chassis prior to 07. I don't have an older copy to see what may have been replaced. How do I find that?
