Fannie Mae - MH Advantage

[DWiley]

Are the MH Advantage homes cross mods?

Yes - "CrossMod" is a term coined by the MH industry to describe homes that meet Fannie's MH Advantage or Freddie's CHOICEHome programs. It is not a term used in the actual GSE policies.

 

[Sadie]

These programs have only been around since 2018. Both Fannie and Freddie say to use stick built homes as comparable sales if no homes meeting the requirements are available. Sounds to me like they are saying that these homes are "equal" to stick built. I searched my MLS and could not find a single sold or active listing mentioning these programs. I also wonder what the price is on these homes. No doubt they are more than a typical HUD mfg home.

There are not many of them around yet. They are much nicer than a standard MH.

 

[Dublin ohio]

There are not many of them around yet.

That is my point. How do you determine market reaction for MH Advantage vs stick built if you have nothing to compare.

 

[RSW]

Yes - "CrossMod" is a term coined by the MH industry to describe homes that meet Fannie's MH Advantage or Freddie's CHOICEHome programs. It is not a term used in the actual GSE policies.

That's what I thought. I have appraised a few here in the Knoxville area, but I have not seen a MH Advantage tag on them.

 

[DWiley]

That's what I thought. I have appraised a few here in the Knoxville area, but I have not seen a MH Advantage tag on them.

For a CHOICEHome, it should have something like this:

https://sf.freddiemac.com/content/_assets/resources/pdf/fact-sheet/choice_home_sticker.pdf

 

[Sadie]

That's what I thought. I have appraised a few here in the Knoxville area, but I have not seen a MH Advantage tag on them.

If its a MH Advantage home it must have the sticker, otherwise it is viewed by Fannie as a regular MH. Not sure about the other GSE's.

 

[Tim Hicks (Texas)]

There are not many of them around yet. They are much nicer than a standard MH.

They still would not be equal to the stick built homes around here. It's another bait and switch by the manufactured home dealers. First they tried to pass off "on frame modular" homes as regular modular homes telling appraisers they could compare them to stick built. And now this. I blame Danny since he works for Freddie.

The appraiser needs to compare the subject to the most similar in construction and not be coerced into comparing tangelos to oranges.

 

[Sadie]

They still would not be equal to the stick built homes around here. It's another bait and switch by the manufactured home dealers. First they tried to pass off "on frame modular" homes as regular modular homes telling appraisers they could compare them to stick built. And now this. I blame Danny since he works for Freddie.

The appraiser needs to compare the subject to the most similar in construction and not be coerced into comparing tangelos to oranges.

 

[Sadie]

They still would not be equal to the stick built homes around here. It's another bait and switch by the manufactured home dealers. First they tried to pass off "on frame modular" homes as regular modular homes telling appraisers they could compare them to stick built. And now this. I blame Danny since he works for Freddie.

The appraiser needs to compare the subject to the most similar in construction and not be coerced into comparing tangelos to oranges.

Not a bait and switch. They're intended to be between a MH and site built. You should look them up. I was pleasantly surprised. You can compare anything to anything, thats what adjustments are for, although similar properties are much better, obviously. You are not being coerced. Just gently persuaded.

 

[RSW]

For a CHOICEHome, it should have something like this:

https://sf.freddiemac.com/content/_assets/resources/pdf/fact-sheet/choice_home_sticker.pdf

Thanks, Danny.