Interested in learning about the valuation of manufactured homes? You’re in luck.
The Appraisal Institute and Freddie Mac are partnering to help real estate appraisers value manufactured housing. This partnership meets an important need in the real estate industry for homebuyers, lenders, appraisers and homebuilders.
The Appraisal Institute’s new partnership with Freddie Mac will provide practical appraisal training to all appraisers, as well as specifically-targeted training and case studies to address manufactured housing valuation assignments for Freddie Mac’s CHOICEHomeSM. CHOICEHome brings conventional mortgage financing to factory-built homes to help increase the availability of quality affordable homes that borrowers want while providing lenders with the innovative financing options they need.
Freddie Mac and the Appraisal Institute will offer more than 60 educational opportunities in classroom settings in nearly 30 states through November; online classes also will be offered. The first classes will be held:
- April 16 in Dallas
- April 23 in Atlanta
- April 25 in Charlotte, North Carolina, and
- May 7 in Detroit.
For more information, or to sign up for classes, visit: http://www.myappraisalinstitute.org/education/course_descrb/default.aspx?prgrm_nbr=883&key_type=CO
This new generation of high-quality, factory-built homes – built to HUD-code – provides higher pitch roof lines; lower profile foundations; dry wall throughout; energy-efficient features; and site-built components, such as porches and decks, along with garage and carport type structures.
Freddie Mac will treat loans secured by CHOICEHome similar to the loans secured via a single-family, site-built home. As a result, appraisers will be able to use site-built housing as a comparable sale for valuation. Recognizing that appraising manufactured housing comes with certain challenges, typically around availability of comparable sales, additional flexibility to also consider and appropriately adjust site-built homes has been developed in the training.
Manufactured housing is the largest source of unsubsidized affordable housing in the United States. It supports the needs of very low-, low-, and moderate-income borrowers; borrowers in underserved markets and rural areas; and certain other demographics. More than 22 million U.S. families live in factory-built homes today. With that number expected to grow, factory-built homes offer a meaningful way to address the affordable housing supply shortage and expand access to quality housing options.
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