appraisals

[Michelle]

I am currently a loan officer in Texas and throughout the course of doing FHA financing for manufactured land/home deals the question keeps appearing -- Since FHA requires the home to be permanently fixed and for the manufactured home to be classified as real property -- can we use stick-built housing for comparables when doing appraisals? It seems quite frequently we do these loans for borrowers in extremely rural areas and it is not always possible to obtain other land/home packages that are comparable, so our appraisers are having to make large adjustments to the cost approach when using other land/home packages. I purchased a manufactured home through FHA land/home a year ago and I know that for my appraisal stick-built houses were used. I also know that FHA insured my loan with no problem. So based on this I would presume that this is an acceptable method to obtain comparables when all other avenues have been exhausted. Is this true and if so where can I find documentation to back it up?

Thanks for your help in this trying question.

Thanks Michelle

[Chrissy]

Yes, my instinct says you can use stick-built homes for comparison purposes. However, I would want you to talk to an MIA Appraiser for confirmation. One such person is john Whitcomb of Tampa, Florida. You may reach him by Emailing to [email protected]

With his years of experience and knowledge, I feel sure he can provide you with not only an answer, but also documentation.

[Michelle]

Thanks for the help and guidance, it is much appreciated