FannieMae Announcement 02-02 Appraising Manuf. Housing

[Jo Ann Meyer Stratton]

Depending on the laws governing factory built housing that is not built to HUD code in your state or county or city, they may or may not have any type of identification. Only homes constructed to HUD code have a HUD label and a data plate. So if your subject was not built to HUD building code, just describe in your addendum to the report what information you can find either in or on the improvement or in governing records and you have met the requirements of Announcement 02-02. By the way, looking in the attic is not really a joke. Genesis Homes in Arizona will be placing a plate on one of the rafters inside the attic near the exterior wall. Which means it will not be observable because of the pitch of the roof.

 

[BigBlueGA]

They make mobile homes with attics? Never seen one...

 

[Charlotte Dixon]

BRANDON, BRANDON, BRANDON...

NOT mobile homes......

 

[Jo Ann Meyer Stratton]

Modular homes built to non-HUD code can be two stories, have more nooks & crannies, angles, bay windows, etc, etc, than a home built stick by stick on the site. But then there are two story HUD code manufactured homes too! Think of any site built home you have ever seen--and there is probably a HUD code manufactured home or factory built home some where that is very similar! As I state in my article on naifa.com, they are not your grandfathers trailer or fathers mobile home anymore!

 

[BigBlueGA]

Gah - Once again I'm gonna blame it on selective reading... Thanks Charlotte.

 

[Dave Smith]

Forumites:

This link has been mentioned here before but its still a very good source for the latest from Fannie and her brother, Freddie.

http://adfweb1.adfinet.com/cgi-bin/web_regs

Look for the "Mortgage New" heading on the right hand site of the page. Then click on the 4/23/2002 sub heading.

If you aren't already registered to access the site you will have to register to proceed but its free and easy to do.

Then you can find out all you ever wanted to know about Fannie & Freddie.

 

[Nancy in Friday Harbor]

Charlotte,
Please help, 'cuz I'm now confused. I just went to the Adfinet site and looked thru the Fannie selling guide.
The following portion is copied from the updated selling guide.....

Part XI, Chapter 3, Section 304
We also 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.

As you correctly stated, it does require 2 MH comps for manufactured homes (HUD code).

Am I misreading this? Thanks for your help .... it's obviously a problem if we have to have two similar modular (BOCA standard) as many of them are not recognizable as modular once they've been there a while... The comp search could be a nightmare!!

Nancy

 

[Jo Ann Meyer Stratton]

Yes Nancy.

If HUD code manufactured home--two comparables are required to be HUD code manufactured homes. Even if they are older and out of the neighborhood.

If factory built to a non-HUD code like UBC or BOAC or CABO than what ever other homes that are most similar to the subject. And that might mean a site built home because the non-HUD code factory built home cannot be identified in that area (whether it is the subject or the comparable).

But be very, very careful about identifying the HUD code homes, no matter how nice it looks or if the sales person/realtor/home owner swears it is a "modular" not a manufactured home!

 

[Nancy in Friday Harbor]

Jo Ann,
Actually, I have an ally in identifying manufactured (HUD Code) homes!
It's called the Washington State Ferry system. There is a limit to the size that the ferries can take and then the turn at the end of the off ramp at the ferry landing. On San Juan, you can get a 60' section off the ferry. On Orcas, it's about 55'. On Lopez, there's a straight shot so they can go up to 65' in length. The other help is the height -- nothing over a 4:12 pitch fits onto the ferry -- and even those have trouble off loading unless the tide is really high. (Haven't ever seen a MH stuck between the ferry upper decks and the ramp, but sat on the ferry for an hour while they deflated the tires on a semi -- and there was still a hugh dent in the top of the trailer! That truck was well and truly stuck and really got crushed!)
Anyway, I haven't seen a HUD Code home up here that didn't just scream "HUD! HUD! HUD!".

Nancy

 

[Jo Ann Meyer Stratton]

Some time when you are in the Seattle area, take a look at the subdivision of two story HUD code manufactured homes. I have read articles and seen photos--very intersting. Especially the 18" between each floor because the steel undercarriage is still there!

Modular homes being built here in Arizona (and other locations) (both one or two stories) have fold down roofs on hinges so it can clear the freeway underpasses when being moved to the site, then unfold to a as steep of pitch of roof the buyer wants. So height of the ferry doesn't preclude a factory built house!

Check out a publication on HUD.gov called "A Community Guide to Factory Built Housing". Some very interesting projects in Cedar Rapids IA, Hazel Park MI, Toledo OH, Raleigh NC, Danbury CT (see that roof unfold), Noji Gardens-Seattle WA

http://www.huduser.org/publications/destec.../factbuilt.html