Proposed FHA Manufactured Housing

[Danielle Calabrese]

My company has recently started working with Fleetwood a rather large manufactured housing dealer. An underwriter recentlly requested we "remove the VC forms and Notice to Homebuyer and replace them with a Marshall & Swift" I, having an underwriting backround stated that we had to include the VC forms and it was at the underwriters discretion to disreguard them or not. However we can not seem to get a definitive answer on what attachments disclosures and verbage should be included in these reports. We tried calling the Atlanta HOC and was told that if we did not already know than we should not complete the work. I resonded by saying that we had tried to locate this in several handbooks but could not find anything. She then responded by saying it was not her problem and hung up. I then called REAC, although no longer involved in the process I was hoping to just maybe get some clarification. They advised me to always attach VC and disclose proposed constrcution unable to test systems. How ever since they are no longer involved I woould really like to hear the same thing from 2 sources. Can some one please break it down for us.

Danielle Calabrese
Lindsley Appraisals

 

[CANative]

You have to use and attach the VC sheets. For one thing, since it's a manufactured home, VC14 A,B,C and D would apply. The responses would be Yes to at least A, C and D.

A. Yes,l the MH does not have HUD certification label (unless they're getting one already built.)

C. Yes, Engineering Certification is not present.

D. Yes MH is not taxed as Real Estate (yet)

replace them with a Marshall & Swift

... a Marshall & Swift what?

Although Ben posted this in another thread:

Some FHA's don't require VC Sheets or HBS, such as new construction but they are "subject to completion."

Ben, does that apply to proposed construction of MH's?

 

[Danielle Calabrese]

That helps that is how we do it now with VC 10 all unable to test propsed sytems. Also with the form 9280 something or other request for appraisal. A Marshall & Swift cost approach form. Which is a little annoying since I already did a cost approach on the URAR since its new construction. Okay I feel better knowing its been done correctly.
Thanks

 

[Wally Jones]

If you're dealing with proposed construction (or under construction) properties, the FHA guidance is the same as with site built homes. No VC Sheets or Homebuyer's Summary are required. A requirement for a more detailed cost approach, such as M&S "Square Foot Appraisal Form" (Form 1007), is common with some lenders. On page two of the URAR I refer the reader to the attached Form 1007 when appropriate to avoid duplication.

 

[Jerry Bone Jr]

Danielle, Dito to what Wally said. For proposed or under-construction homes you will not include a HBS or VC. Those forms & the CIR (Compliance Inspection Report) will be completed, by you, only after the home is 100% built. The 1007 form (Marshal & Swift Cost Approach Form) is required for SFR homes 2 years old or less. Also, the month & year built is required for all homes 2 years old or less.

 

[Ben Vukicevich SRA]

Greg,

Got me on this one.

I'm a "dazzling suburbanite."

I never appraise MH's

Ben

 

[CANative]

Edit: Per SAHOC VC14 (page 4) is required on proposed MH.


5. A new category was added to the Property Considerations Section,
VC-14 Manufactured Housing. A definition of a manufactured home for
FHA-insured mortgage purposes is included. If the property type
appraised is a manufactured home, the new category, VC-14
Manufactured Housing must be filled out completely and the appraiser
must list the manufactured housing unit's certification label (tag)
number(s).

Note: The Property Considerations Section, VC-14 Manufactured
Housing is also required for proposed or under construction
manufactured housing.

 

[john eickhoff]

I agree with Greg Boyd. VC sheets are required for Proposed Manufactured Homes. See Mortgagee Letter 2003-18. It states on page 2, "Note: The property Considerations Section, VC-14 Manufactured Housing is also required for proposed or under construction manufactured housing." It also addresses the "Notice to Homebuyer" (Form HUD-92564-HS)

 

[Danielle Calabrese]

I just reviewed the Mortgagee letter John refered to and It does say to that as of the revision VC sheets are required. It reads and I quote" Note: The Property Considerations Section, VC-14 Manufactured
Housing is also required for proposed or under construction
manufactured housing." It also notes that an N/A box has been added for these purposes. I guess that closes the case thanks for all your help.