The Federal Housing Administration (FHA) recently changed some of its rules for appraisals of manufactured homes. These homes are certified under programs called Fannie Mae’s MH AdvantageTM and Freddie Mac’s CHOICEHome®. This means it’s easier for people to get FHA-insured mortgages for these homes.
The FHA made these changes to help more people buy affordable homes, which is a part of the Biden-Harris Administration’s plan to increase the number of houses available. The FHA wants to make it simpler for folks to buy manufactured homes.
One big change is that appraisers now need to compare these manufactured homes to regular site-built homes if there aren’t enough similar manufactured home sales available. Some manufactured homes, often called CrossMods, look a lot like regular houses. This change means more people might qualify for loans to buy them.
