Mill-craft Homes Waupaca, Wi

[Jo Ann Meyer Stratton]

I agree with CANative. Mill-Craft is not listed in my 1982 Kelly Blue Book for mobile and manufactured homes. So you have an on frame modular, not eligible for Fannie Mae. But eligible for Freddie Mac, FHA and VA. Depending on the design, materials, quality of constructions, amenities, finish, etc would determine if site built or mobile or manufactured homes are competitive in the market. Depending on the market area, only one or all three types would be usable as comparables.

 

[Madsculptor]

Mill-Craft Homes

Thanks to everyone for the help. I'll be sure to let you know any more info I can find on Mill-Craft homes.
-Chris

 

[Jim Manken]

Per FNMA and the rest of the secondary market. If it has HUD tags / certificate, it IS a manufactured home and they are can not be financed if built before 1976 since HUD requirements did not exist. If there are no HUD tags / certificates, it was built to local code (not fed gov) and is a modular home......period, no exceptions, end of story.

 

[CANative]

Per FNMA and the rest of the secondary market. If it has HUD tags / certificate, it IS a manufactured home and they are can not be financed if built before 1976 since HUD requirements did not exist. If there are no HUD tags / certificates, it was built to local code (not fed gov) and is a modular home......period, no exceptions, end of story.

It can't have a HUD tag / certificate if it was built before June 15, 1976.

What's confusing to some people is that Fannie Mae defines any dwelling built in a factory as being a manufactured home (small "m") versus a Manufactured home (capital "m".)

 

[Jim Manken]

The original question did not refer to year built, but I fully concur with CANative!

 

[Jo Ann Meyer Stratton]

A manufactured home is a home constructed since 06/15/1976 to the HUD building code. Fannie Mae defines any home with a steel undercarriage is a manufactured home. Then in their eligibility guidelines they state that they will only purchase loans that are manufactured homes on steel frames that are constructed to the HUD building. That eliminated mobile homes on steel frames that may or may not have been built to a voluntary industry building code constructed prior to 06/15/1976. It also eliminated "on frame" modular homes. And also eliminated manufactured homes constructed to the HUD building code that do not have a steel undercarriage. Some were built that way in the midwest in the early 1980s.

A home constructed prior to 06/15/1976 to a local building code would be a modular. If constructed on a frame to the volunter coach industry built code it is a mobile home--not a modular. Be very, very careful of how you identify a factory built home!

 

[Lycabull]

On frame mod

My very first assignment on my own was an on-frame modular house. The prior appraiser had called it a regular modular, used all stick built comps, and the poor borrowers were already underwater about to borrow more based on the prior appraised value. Stepped right into a hornets nest on that one I did!

I did the right thing. Called it what is was, compared it to what it was comparable to, and was promptly thanked by everyone involved by having them tell me how stupid I was. Yeah, I turned the other appraiser in. Yeah, he only got a slap on the wrist from the board.

I immediately took a M/F housing class the first chance I got from Mr. Heyn. Best money I ever spent too. I have now appraised real modular houses, on-frame modulars and more manufactured houses than I care to remember. Since taking Rich's class, I have never been confused about what is what or how to appraise any of the above mentioned houses.

Back when Mr. Heyn was in Wichita, KS. teaching the class, he ran out to a local dealer during our lunch break. He said the dealer had a two section manufactured house parked near an on-frame modular. Other than the lack of axles, wheels, tires and HUD tags, they were more or less the same house. I do not know if Mr. Heyn is still teaching the class, but if he is, I would highly recommend it to anyone and everyone.