The cost approach is a requirement for Fannie Mae, Freddie Mac, and VA loans for manufactured homes. (Note: Mobile homes are not acceptable for Fannie Mae and Freddie Mac underwriting standards.) Due to the difficulty of locating suitable comps in manufactured home communities for chattel, and even loans that will not be land/home loans through Fannie, Freddie, or VA, will generally require the cost approach as well. While many appraisers will see this as a tedious task and devalue the benefits of this approach to value, the cost approach is an objective way to determine the value of a subject home; and offer measurable adjustments for comparable sales. There are a several cost providers today.
Our goal at MPower Data, LLC is to offer a guide to help the appraiser craft a determination of value for mobile and manufactured homes that they are confident in; and that ultimately helps their clients to make an educated decision about their purchase or risk associated with a purchase.
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