are appraisals required on harp loans for manufactured homes?

Whether an appraisal is necessary or not is determined by 2 things.. first, when your file is run through DU or LP (automated underwriting system, or AUS), the results will show if they will require an appraisal or not.. The AUS does an automated valuation and if there are sufficient comparable to come up with a value, then it will allow for an appraisal waiver.. If the AUS cannot find comparable, then it will require an appraisal. However, even if the AUS says no appraisal necessary, the lender could have additional guidelines, called overlays, where they might require an appraisal regardless. Because so few companies are doing loans nowadays on MFH's, then it's very possible your dealing with a lender overlay.. .. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

When running a file through the automated underwriting system for approval, a manufactured home property will rarely, if ever, give you an appraisal waiver. I've done over 30 Manufactured HARPS and not one of them waived the appraisal. The great thing though is that without exception, it didn't matter what the value is. One of my investors told me that even if the appraised value came in at $5,000, they would still do the $150,000 HARP refi. Crazy, I know. If your lender is telling you that an appraisal is required, get it. No lender is going to ask for one unless it's required. It just delays the process and there is no monetary gain for the lender. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Certified by the National Association of Mortgage Professionals and Licensed in California and Arizona ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

The HARP program normally doesn't require appraisals as long as Fannie Mae and Freddie Mac issue the appraisal waiver. If they do not issue the appraisal waiver then every lender in the country will be required to order an appraisal. Every lender runs off of that system. From my experience manufactured homes and condo's generally do not receive the appraisal waiver through Fannie and/or Freddie. There really is no reason for the appraisal but we have to order it if they don't give us the waiver. If I can assist you in any way get into touch with me, I'm here to help. P: 888-320-7888 - Ken@MortgagesforAmerica.org - Ken Burrows

Kens answer is correct -

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