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Manufactured Home FHA Form Deliema

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Jon Cox

Thread Starter
Freshman Member
Joined
Nov 25, 2008
Professional Status
Certified General Appraiser
State
California
An out of town lender has requested that I do an FHA appraisal on a manufactured home located on leased land in a park. I have done manufactured homes on owned land before on the 1004C form, however, I have always used the MPR2 form for manufactured homes in parks on leased land. First off does anyone know if FHA does loans on mobie nomes in parks on leased land and secondly if FHA does what form do they want us to use?

Unfortunately I asked the lender to check with his underwriter and he said he really doesn't care and wants me just to send him a report. Any help you can provide would be greatly appreciated.

Thanks, Jon Cox, Santa Maria CA
 

mp2277

Junior Member
Joined
Mar 21, 2008
Professional Status
Certified Residential Appraiser
State
Virginia
I woulod suggest e-mailing your HOC, but I don't think FHA will accept that
 

CANative

Elite Member
Joined
Jun 18, 2003
Professional Status
Retired Appraiser
State
California
Isn't that a Title I program with teeny-tiny loan limits? And isn't the NAS forms using NADA the required method?
 

hglenbetts

Senior Member
Joined
Dec 3, 2007
Professional Status
Certified Residential Appraiser
State
Michigan
Manufactured home on leased lot = personal property, not real estate.:shrug:
 

Don Clark

Elite Member
Joined
Jan 17, 2002
Professional Status
Certified Residential Appraiser
State
Virginia
I would do it on the 1004C. The NADA form is for new FHA HUD Code MH's. If this is not new, I would use the 1004C and make note that it is personal property. (See Chapter 8, 4150.2) if it is for FHA.
 

Jon Cox

Thread Starter
Freshman Member
Joined
Nov 25, 2008
Professional Status
Certified General Appraiser
State
California
Thanks for the input I will check Title I for additional info. However, Title II states that the subject must be classified and taxed as real estate and manufactured homes on leased land are taxed as personal property in CA....Thanks for the help, Jon Cox
 

Jo Ann Meyer Stratton

Elite Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Arizona
If Title I and no land, the 1004C will not be applicable. Now if they have a 99 year lease or something similar that can be transferred by the borrower then you have a different story. But if the lot rent is month by month do not use the 1004C.
 

CANative

Elite Member
Joined
Jun 18, 2003
Professional Status
Retired Appraiser
State
California
Don... Chapter 8 pertains to Title II (MH on fee land)

I was talking about Title I (MH's not on fee land)

http://www.HUD.gov/offices/adm/hudclips/handbooks/hsgh/4150.1/41501c10HSGH.pdf

http://www.nadaguides.com/priceguid...ed-housing-national-appraisal-system-nas.aspx

Manufactured Housing National Appraisal System (NAS)
A Field Instruction Manual containing in-depth step-by-step instructions, guidelines and industry notes necessary to complete a proper physical appraisal and keep you abreast of the latest from the industry
Detailed description and sample forms
Provides a specific appraisal identification number, master appraisal worksheets, certificate of value forms, appraisal and condition report forms, comparative analysis forms and more
The only publication that is approved for HUD FHA Title 1 appraisals. It is also a recognized source for DVA (Department of Veteran's Affairs).
*Manufactured Housing Appraisal Guide subscription required
 
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