What form?

[Atlanta CG]

Original home 1975 Parkwood mobile home, 12' x 60'. Later owners added another 12' extension on pier and beam. Renters trashed the home and they remodeled it modestly years ago removing some walls and now does not look like the original. No permits pulled but this is not unusual for this county. Is it a modified mobile or a modified stick-built? Think it has to do with what form I use. NOT FHA or VA.

 

[BRCJR]

Original home 1975 Parkwood mobile home, 12' x 60'. Later owners added another 12' extension on pier and beam. Renters trashed the home and they remodeled it modestly years ago removing some walls and now does not look like the original. No permits pulled but this is not unusual for this county. Is it a modified mobile or a modified stick-built? Think it has to do with what form I use. NOT FHA or VA.

Always will be a manufactured dwelling.

70B or 1004C unless it is for a non-lender

 

[Terrel L. Shields]

Since it is an early model, it is going to be difficult to finance. So if you are asked to value it, then you apparently are in a non-conforming conventional lending situation. In that case, a general purpose or non-(secondary market) lender form is acceptable. Such are a total PITB to find comps as even agents run backwards from them knowing how difficult it is to get financing.

 

[nauthead]

The 1004c form is designed for homes built under HUD regulations, which started in 1976. I would not put it on that form, maybe a GPAR form instead.

 

[Mike Ault]

Always will be a manufactured dwelling.

Any home built before June 15, 1976, with axles & wheels underneath, will always be a mobile home.

 

[BRCJR]

The 1004c form is designed for homes built under HUD regulations, which started in 1976. I would not put it on that form, maybe a GPAR form instead.

FNMA and Freddie Mac will accept an Appraisal Report on a non-GSE related form?

Danny Wiley may be the best source. One could call or email them and inquire.

I think it will be as stated above 70B/1004C

 

[nauthead]

No, F/F will not accept a report on a non GSE form, and I never said they would, and the OP did not say it was for F/F. The fact that this home was built pre HUD code would automatically exclude it from F/F. This will likely have to be a portfolio loan, not one headed for a GSE.

 

[BRCJR]

No, F/F will not accept a report on a non GSE form, and I never said they would, and the OP did not say it was for F/F. The fact that this home was built pre HUD code would automatically exclude it from F/F. This will likely have to be a portfolio loan, not one headed for a GSE.

Fannie Mae

While not all lenders finance manufactured homes, some may offer Fannie Mae’s MH Advantage® program, which allows buyers to finance manufactured homes with loan terms of 30 years with down payments as low as 3%. To qualify, however, your home will need to fit very specific criteria. For instance, the home must be at least 12 feet wide, have a minimum of 600 square feet and can’t be on leased land.

Freddie Mac

Freddie Mac also offers conventional loans for manufactured homes if they meet all of Freddie Mac’s requirements. These requirements are similar to Fannie Mae’s – the home must be built on a permanent chassis, must be considered real property and has to have at least 400 square feet of living space.

Keep in mind that not all lenders will finance mobile or manufactured homes, but Fannie Mae and Freddie Mac do both offer conventional loan options for qualifying properties.

What form will you use for a mobile home loan to be sold to FNMA or Freddie Mac?

 

[Mike Ault]

Fannie Mae

While not all lenders finance manufactured homes, some may offer Fannie Mae’s MH Advantage® program, which allows buyers to finance manufactured homes with loan terms of 30 years with down payments as low as 3%. To qualify, however, your home will need to fit very specific criteria. For instance, the home must be at least 12 feet wide, have a minimum of 600 square feet and can’t be on leased land.

Freddie Mac

Freddie Mac also offers conventional loans for manufactured homes if they meet all of Freddie Mac’s requirements. These requirements are similar to Fannie Mae’s – the home must be built on a permanent chassis, must be considered real property and has to have at least 400 square feet of living space.

Keep in mind that not all lenders will finance mobile or manufactured homes, but Fannie Mae and Freddie Mac do both offer conventional loan options for qualifying properties.

What form will you use for a mobile home loan to be sold to FNMA or Freddie Mac?

What you posted above indicates that they will purchase originations for manufactured homes, not mobile homes.

 

[nauthead]

Mobile home financing | How to buy older manufactured homes

Wondering how to buy a mobile home? Financing older manufactured housing and mobile homes is a challenge, but not impossible.

themortgagereports.com

Rules for manufactured home loan programs​

To buy a manufactured home with a traditional mortgage of any type, the home must be:

• At least 400 square feet
• Placed permanently on the property
• Built to HUD’s post-1976 specifications