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k. Sales Comparison Approach for Manufactured Housing (11/02/2023)
i. Required Analysis and Reporting
The Appraiser must include a sufficient number of sales to produce a credible value. The Appraiser must include at least two Manufactured Homes in the Sales Comparison Approach (SCA) Grid.
ii. Exception
For a Manufactured Home certified based on the construction requirements of Fannie Mae’s MH Advantage® or Freddie Mac’s CHOICEHome® program, the Appraiser must include at least two comparable sales with similar certification, when available. If fewer than two comparable MH Advantage® or CHOICEHome® sales are available, the Appraiser must use the most appropriate site-built comparable sales available, and must provide detailed justification to support the Appraiser’s selection of comparable Properties and the adjustments made for dissimilarities to the subject Property.
A Manufactured Home certified based on the construction requirements of Fannie Mae’s MH Advantage® or Freddie Mac’s CHOICEHome® programs must have Fannie Mae’s MH Advantage® Sticker or Freddie Mac’s CHOICEHome® Label affixed near the HUD data plate. The Appraiser must include photos of the Fannie Mae’s MH Advantage® Manufacturer Sticker or Freddie Mac’s CHOICEHome® Label in the appraisal report for the Manufactured Home to meet the documentation requirement.