Manufactured Home FHA Form Deliema

[Jon Cox]

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]

I woulod suggest e-mailing your HOC, but I don't think FHA will accept that

 

[CANative]

Isn't that a Title I program with teeny-tiny loan limits? And isn't the NAS forms using NADA the required method?

 

[hglenbetts]

Manufactured home on leased lot = personal property, not real estate.

 

[Don Clark]

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]

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

 

[Mike Boyd]

Isn't that a Title I program with teeny-tiny loan limits? And isn't the NAS forms using NADA the required method?

Greg is correct. Why wouldn't he be? LOL

 

[Jo Ann Meyer Stratton]

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]

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