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Relocated MH still kills FHA loans?

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OSU Beavers

Elite Member
Joined
Jan 10, 2007
Professional Status
Licensed Appraiser
State
Oregon
I am working on a 1996 doublewide that was moved in from another county and placed on its current site in 2004. I really don’t think it sat on a dealer’s lot for eight years so does this second placement of the home disqualify it from FHA financing.

Does the same “no relocation” rule apply to VA also?
 

CANative

Elite Member
Joined
Jun 18, 2003
Professional Status
Retired Appraiser
State
California
so does this second placement of the home disqualify it from FHA financing.

Yes, that is an FHA deal killer.
 

Mr Rex

Elite Member
Joined
Jan 12, 2004
Professional Status
Certified Residential Appraiser
State
North Carolina
Yep, one of those guvmint things that doesn't quite percolate to full strength. They call them HUD code homes, except they only need a HUD code foundation if its HUD insured financing. They can be moved willy nilly and get financing for GSEs (G is for Guvmint) without a "HUD code foundation" on a HUD code home every day of the week.

PS: Excuse my lack of exact use of terminology, I exaggerate to make a point sometimes.
 

OSU Beavers

Elite Member
Joined
Jan 10, 2007
Professional Status
Licensed Appraiser
State
Oregon
Yes, that is an FHA deal killer.

I didn't find out about it until today while checking the courthouse records after inspecting the subject and comps, so do I have to STOP all work or should I turn in a full report incase they want to switch to conventional?
 

Jerry Bone Jr

Senior Member
Joined
Feb 23, 2004
Professional Status
Licensed Appraiser
State
Oregon
Are you going to kill the deal based on your assumption? Possibly, more research is needed.
 

OSU Beavers

Elite Member
Joined
Jan 10, 2007
Professional Status
Licensed Appraiser
State
Oregon
Are you going to kill the deal based on your assumption? Possibly, more research is needed.

Remember the appraiser is not the one who "kills the deal" (FHA loan in this case), it was already DOA. My question is, do I get paid full fee or a trip fee to report the cause of death?
 

CANative

Elite Member
Joined
Jun 18, 2003
Professional Status
Retired Appraiser
State
California
Stop and call them and ask how they want to proceed. The FHA problem is not fixable unless your information is incorrect. Do you know where the MH was between '96 and '04?
 

Terrel L. Shields

Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
Stop and call them and ask how they want to proceed.
Heck, finish the report. get paid, then let them read it themselves.... :)
 

Anthem

Senior Member
Joined
Mar 10, 2004
Professional Status
Certified Residential Appraiser
State
North Carolina
Many conv. lenders also will not lend on an MH that has been moved, problem is many times it can be hard to find out if it was moved.
 

Jo Ann Meyer Stratton

Elite Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Arizona
Call your client, based on your research the home has been moved at least once to the current site. Therefore it will not quality for FHA. The lender can do research and try to find documentation to prove you wrong or convert the loan to conventional. If they decide to go conventional, then finish up the report to Fannie Mae/Freddie Mac guidelines, send it and an invoice. If they decide to stop right now send them an invoice for the time you have spent.
 
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