Appraising Manufactured Homes
Manufactured homes (MH) are a popular housing choice in many parts of the country, and the appraisal is a critical part of the lending process. However, requirements vary from those for site-built homes.
The resources you’ll find here will walk you through Fannie Mae’s MH appraisal requirements, from a high-level checklist to an in-depth continuing education course co-developed with McKissock.
MH appraisal online learning
Fannie Mae partnered with McKissock Learning, a national provider of online education for licensed appraisers, to produce their Appraising Today's Manufactured Homes online course. This course examines factory-built housing with a primary focus on manufactured housing. Fannie Mae also offers a free 30-minute course.
Appraising Today’s Manufactured Homes
McKissock online learning
An overview of MH Advantage® and traditional manufactured home appraisals. This course addresses topics such as appraisal guidelines, Form 1004C (Manufactured Home Appraisal Report), and appraising homes that qualify for Fannie Mae’s MH Advantage mortgage.
Duration: 7 continuing education hours
MH Advantage Appraisal Training
Fannie Mae online learning
Fannie Mae’s online learning course describes the roles and responsibilities of manufacturers, retailers, lenders, and appraisers. It covers requirements for comparable sales, cost approach to value, and more.
Duration: 30 minutes (not eligible for continuing education credit)
MH Advantage appraisal resources
MH Advantage is an innovative homeownership option that pairs affordable financing with specially designated manufactured housing features typical of site-built homes.
Completing an MH Advantage appraisal requires the knowledge and experience to fully understand the unique construction process of this type of manufactured home. Appraisers must know the manufacturers’ and federal, state, and local requirements for both construction and installation.
MH Advantage Appraisal Requirements job aid
The requirements for an MH Advantage appraisal are similar to the requirements for a standard manufactured home. Featured differences include:
- Appraisers must include photos of the HUD Data Plate, HUD Certification Labels, and MH Advantage Sticker as well as the driveways, sidewalks, and detached structures located on the site.
- Appraisers must use MH Advantage homes for the comparable sales when available. If MH Advantage sales are not available, appraisers must supplement with the best and most appropriate sales available, which may include site-built homes, as well as standard manufactured and modular homes.
Understand appraiser and lender responsibilities, as well as the requirements for MH Advantage homes in new subdivisions, with the MH Advantage Appraisal Requirements job aid.
MH Advantage Appraiser Checklist for lenders and retailers
Lenders are responsible for providing significant information (including home details, manufacturer information, etc.) to appraisers of MH Advantage properties.
Fannie Mae provides an easy-to-use checklist for lenders and retailers which details lender responsibilities and a list of items to provide appraisers.
Manufactured housing appraisal resources
MH Advantage manufacturer sticker
The MH Advantage sticker indicates that the home meets the program’s structural requirements.
Learning Center for appraisers & underwriters
Our Learning Center page for appraisers includes forms, FAQs, and more.
Manufactured housing financing options
Review available options for financing manufactured homes.
MH Advantage Appraisal Checklist for lenders & retailers
A checklist of information lenders and retailers should provide to appraisers.
MH Advantage Appraisal Requirements
An overview of lender and appraiser responsibilities for MH Advantage appraisals.