Manufactured Homes Classified as Real Estate

The appraiser must enter the manufactured home unless it is both

·   new, and

·   has not been delivered to the dealer or to the site.

If other manufactured homes on permanent foundations are not available for use as comparables, the appraisal report must

·   state that fact, and

·   show in the market analysis grid that the sales prices of the best conventional home sales available were properly adjusted.

Reference:  See

·   Section 10.05, and

·   Section 12.10.

Property to be Altered/ Improved/ Repaired

When the purpose of the VA loan is to make alterations, improvements or repairs costing in excess of $3,500, the appraiser must estimate reasonable value both on an “as is” and an “as repaired” basis and disclose the full extent of the work to be done.

Partial Release of Loan Security

If an appraisal is required per Section 10.05, the appraisal report will estimate the reasonable value of

·   the whole property on an “as is” basis, and

·   that portion of the property which will remain as security if the release is approved.