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FHA Mfg home/condo

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Tracy Martin

Thread Starter
Freshman Member
Joined
Mar 20, 2004
Professional Status
Certified General Appraiser
State
Texas
I have been asked if a manufactured home (owned in fee) but under "condo rule" is insurable. Appendix D would seem to indicate that it isn't, but quite frankly, I have never heard of a property being held in fee but under "condo rule". Is that a convoluted way of describing a PUD? Any help would be greatly appreciated.
 

hglenbetts

Senior Member
Joined
Dec 3, 2007
Professional Status
Certified Residential Appraiser
State
Michigan
If condos are insurable, and manufactured w/deed are insurable, why wouldn't one that is condo-ed be insured?

I'm not an insurance agent, but I did own a Gecko as a child.
 

Tracy Martin

Thread Starter
Freshman Member
Joined
Mar 20, 2004
Professional Status
Certified General Appraiser
State
Texas
I had a horned toad when I was little.........but that's NOT what I meant. I should have been more clear. It a manufactured home, owned in fee but under "condo rule" acceptable for FHA insurance.............still don't know what "condo rule" means
 

PropertyEconomics

Elite Member
Joined
Jun 19, 2007
Professional Status
Certified General Appraiser
State
New Mexico
Without clarification of what "condo rule" means to them, as well as to the particular "park" the unit is in .. it is very doubtful if you will find an answer. Terminology means different things to different people and I would suspect strong clarification is necessary in order to complete the engagement or scope of work for the assignment.
 

Mztk1

Senior Member
Joined
Dec 3, 2006
Professional Status
Certified Residential Appraiser
State
Florida
Condominium ownership is a form of fee ownership. I believe they are simply saying the manufactured house is a condominium. I just did one. If you look at the form for manufactured houses you'll see "Condominium" is a box you check under "Project Type" in the top portion of the form. Just go from there.
 

Couch Potato

Elite Member
Joined
Mar 15, 2004
Professional Status
Certified Residential Appraiser
State
North Carolina
So you have a manufactured home that is a condominium. What is the problem? It could also be in a PUD, but that would be a separate issue entirely from that of being a condominium.
 
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