New Manufactured Home Purchase and Land Purchase

[AATX2457]

I searched to make sure this wasn't already addressed and there were similar situations but not exactly what I was looking for. If it has been discussed and I did not see it, I apologize.

This surprisingly is the first time that I have run across this scenario. I received an order for an FHA purchase for a new manufactured home, but the borrower is also purchasing the land as well and trying to get a loan for both. So there is a purchase agreement for the manufactured home and a purchase agreement for two adjacent lots (the seller owns both). As for the contract section of the 1004C, would I just combine the purchase prices for both and provide an explanatory narrative breaking down each purchase agreement?

 

[J Grant]

I searched to make sure this wasn't already addressed and there were similar situations but not exactly what I was looking for. If it has been discussed and I did not see it, I apologize.

This surprisingly is the first time that I have run across this scenario. I received an order for an FHA purchase for a new manufactured home, but the borrower is also purchasing the land as well and trying to get a loan for both. So there is a purchase agreement for the manufactured home and a purchase agreement for two adjacent lots (the seller owns both). As for the contract section of the 1004C, would I just combine the purchase prices for both and provide an explanatory narrative breaking down each purchase agreement?

Imo, yes

 

[Mike Ault]

It seems like you might have an "excess land scenario" for an FHA loan. I would go ahead and describe the purchase agreement as presented to you. Just be prepared to change it if/when you make the decision to exclude those two adjacent parcels if they are actually marketable as separate entities. The loan may have to be reconfigured. Sometimes assemblage is the highest and best use for adjacent parcels, be prepared to defend your decision to include them should you do so.

 

[Terrel L. Shields]

Discuss the contracts separately.

 

[sputnam]

Sure. Always opt to say more when it's needed. USPAP says you are to analyze all current contracts for the subject property and summarize the results of your analysis. Since the appraisal is of both the dwelling unit and the land, you analyze and report about both.

 

[Tom D]

2 adjacent lots to. surplus or excess. and FHA. just too much fun.