Manufactured housing is very different than conventional “stick built” housing and other factory built housing. As such, it has very specific appraisal requirements which must be met for entities such as Fannie Mae, FHA, USDA and VA.
In this course we will discuss the history of manufactured housing and the different “types of factory-built homes” and the importance of the HUD Code. We will examine some manufactured home facts and relevant statistics and the importance of understanding the difference between real and personal property. Since manufactured housing has very specific appraisal requirements we will review the importance of keeping current with respect to these appraisal requirements or guidelines and how to keep up to date with appraisal protocol.
Two critical elements of appraising manufactured homes, the HUD data plate and HUD label will be reviewed and explained.
Now that we have gained a general understanding of manufactured homes, it is time to review the specific requirements for appraising them according to Fannie Mae, FHA, USDA and VA.
We will review and explain the specific appraisal requirements required by each of the aforementioned entities. Knowledge and understanding of the guidelines will allow appraises to perform entity specific compliant appraisals.
Building on the general knowledge and specific appraisal requirements of Fannie Mae, FHA, USDA and VA we will them illustrate how to complete the appraisal report on the manufactured housing report form 1004C. Line by line illustrations and instructions will be provided including the cost approach section.
Completing this course should prepare you to successfully complete compliant appraisals and reports for manufactured housing.