What is appraisal form 1004C?

This report form is designed to report an appraisal of a one-unit manufactured home; including a manufactured home in a planned unit development (PUD) based on an interior and exterior inspection of the subject property.

Which appraisal report does Fannie Mae require for manufactured homes?

Lenders and appraisers should refer to information on the MH web page or in the Fannie Mae Selling Guide for appraisal and appraisal review requirements. Fannie Mae sellers must deliver MH Advantage loans to Fannie Mae with both SFC 859 (MH Advantage) and SFC 235 (manufactured housing).

Can you use a 1004 for a manufactured home?

The 1004C appraisal form is for manufactured homes constructed to the HUD building code only. Regardless of what type of factory built home you are appraising or inspecting, take photos and make notes of all insignias, labels, tags, data plates, etc. that you find on the exterior and in the interior of the home.

Do modular homes appraise the same as stick-built?

Modular or site-built homes are considered to be superior quality in most cases. Modular homes “off frame” can be compared to other modular homes or stick built homes. The appraisal of a modular home can be very similar to the appraisal of a site-built home.

Does Fannie Mae lend on modular homes?

Fannie Mae affords modular, prefabricated, panelized, or sectional housing homes the same treatment as site-built housing. Therefore, Fannie Mae does not have minimum requirements for width, size, roof pitch, or any other specific construction details.

What is a 2090 appraisal form?

File # Page 1 of 6. Fannie Mae Form 2090 March 2005. The purpose of this summary appraisal report is to provide the lender/client with an accurate, and adequately supported, opinion of the market value of the subject property.

Do modular homes depreciate?

Modular homes appraise the same as their on-site built counterparts do; they do not depreciate in value.

What’s the difference between a manufactured home and a modular?

From a legal standpoint, the primary difference between modular and manufactured homes is that modular homes are held to the same local, state and regional building codes required for on-site homes, while manufactured homes are held to a federal code set by the Department of Housing and Urban Development (HUD).

How long do modular homes last?

Most of the time a modular building will last just as long as a regular building. Maybe even more, but it all comes down to the way you maintain your home, of course. With the right amount of cleaning and maintenance from time to time, a modular building can last for many decades, maybe even longer.

Can manufactured homes appreciate in value?

DO MANUFACTURED HOMES DEPRECIATE OR APPRECIATE IN VALUE AFTER THEIR INITIAL PURCHASE? Myth: Manufactured homes do not appreciate in value like other forms of housing. Instead, manufactured homes depreciate in market value, similar to the way automobiles lose value each day.

What are the disadvantages of buying a modular home?

Top 10 disadvantages of modular homes

Installation for utilities along with a foundation needs to meet specifications. Requires a construction loan for the purchase of the land. Full payment of the modular home is due before delivery. Once installed the utilities need to be hooked up to your home.

Is a modular home a good investment?

Modular Homes Are A Good Investment

Location, quality, good maintenance, landscaping, and no clutter can make a huge difference in selling your home at a reasonable price. Modular buildings can appreciate in value over time and are no different than stick built homes.

Why you should not buy a manufactured home?

A disadvantage of buying a mobile home is that its value will depreciate quickly. Like a new car, once a mobile home leaves the factory, it quickly drops in value. Stick-built homes, on the other hand, normally appreciate in value over time because the stick-built home owner almost always owns the underlying land.

What are the disadvantages of a manufactured home?

  • Availability and cost of suitable land.
  • Extra costs imposed by manufactured home community.
  • Fewer choices and higher costs of financing.
  • Fewer personalization options and amenities.
  • Lingering stigma of mobile homes.
  • Questionable long-term value;slower, if any, appreciation.

Are mobile homes a good investment in 2022?

The State of Manufactured Home Park Investing in 2022

Since manufactured homes can be built for a fraction of the cost of site-built homes, they are a desirable affordable housing option for tenants.

Do manufactured homes fall apart?

Well, the design is not temporary in nature. If anything, the manufactured home design would imply a longer life span than a stick-built home. Rather than a foundation which can shift and crack over time, the manufactured home is on a metal chassis that should last forever.

Are manufactured homes worth buying?

Thanks to the lower cost of materials, faster build timeline and greater energy efficiency than stick-built homes, manufactured homes are cost-effective and can be a great option for buyers on a budget. In fact, they are priced between 10% and 35% less per square foot than traditional homes.

What is the average cost of a manufactured home?

Nationwide, the average cost of a manufactured home in April 2021 was $100,200, according to the U.S. Census. The average cost of a site-built home, on the other hand, was more than $391,000.

Can you live permanently in a mobile home?

You cannot live permanently on them, some may have restrictions as to how much time you can spend there in one go.

How long are houses built to last?

Residential buildings normally last between 70 and 100 years.

What is the useful life of a mobile home?

30 to 55 years
While the average life expectancy of a mobile home is 30 to 55 years, you can still outlast that number. This is best done if you ensure the installation is done properly, choose the right location, and generally adhere to maintenance practices.

Is there anything wrong with living in a mobile home?

Mobile homes can have a significantly lower value than traditional homes. Sometimes this can be a good thing, and sometimes it can be a bad thing. For taxes, it may mean that property taxes are also low. However, long-term appreciation of the home is often lower than it is for traditional homes.