fha manufactured home appraisal checklist

Fha manufactured home appraisal checklist mac#

“Updating FHA appraisal requirements to align with the Fannie Mae and Freddie Mac certification programs supports our comprehensive efforts to increase both the supply and affordability of manufactured homes,” said Federal Housing Commissioner Gordon. Manufactured homes certified under the government-sponsored enterprise (GSE) programs, also known as CrossMods, include design features that make them nearly indistinguishable from many site-built homes and address regulatory barriers in effect in some jurisdictions that have historically restricted the placement of manufactured homes. “The critical step we're taking today ensures HUD is in alignment with our industry partners, and it will make more quality affordable housing available to people across the country.”Įffective immediately, FHA’s updated policy for the valuation of manufactured homes certified under the Fannie Mae and Freddie Mac programs requires appraisers to use the most appropriate site-built-home comparable sales when there are less than two comparable sales of these certified manufactured homes available. That includes innovative solutions like manufactured housing,” said HUD Secretary Marcia L. “Increasing the supply of affordable homes in this country will require us to use every tool available to us. These changes also contribute to FHA’s efforts to increase the availability and affordability of manufactured housing as part of the Biden Administration’s Housing Supply Action Plan. The updates in Mortgagee Letter 2023-18 align FHA appraisal requirements with those of other industry participants and will improve the valuation of these homes for borrowers seeking FHA-insured mortgages. The Federal Housing Administration (FHA) has published updated appraisal requirements for the valuation of manufactured homes certified under Fannie Mae’s MH Advantage and Freddie Mac’s CHOICEHome programs.įederal Housing Commissioner Julia Gordon made the announcement at the Manufactured Housing Institute’s National Communities Conference Fall Leadership Forum in Chicago.

Fha manufactured home appraisal checklist