source:
  type: guide
  id: fnma-sel-b4-1.4-01
  authority: 'Fannie Mae Selling Guide B4-1.4-01 — Factory-Built Housing: Manufactured
    Housing Published May 6, 2026 594'
  description: 'Fannie Mae Selling Guide B4-1.4-01 — Factory-Built Housing: Manufactured
    Housing Published May 6, 2026 594.'
  coverage_tier: operative
obligations:
- id: fnma-sel-b4-1.4-01-full
  canonical_id: fnma-sel-b4-1.4-01-full
  section: 'Fannie Mae Selling Guide B4-1.4-01 — Factory-Built Housing: Manufactured
    Housing Published May 6, 2026 594'
  type: do
  tags:
  - regulator-direct
  - fnma
  - selling-guide
  - corpus-expansion
  - tier-operative
  primary_source:
    tier: 1
    authority: 'Fannie Mae Selling Guide B4-1.4-01 — Factory-Built Housing: Manufactured
      Housing Published May 6, 2026 594'
    source_class: fnma-guide
    source_url: https://singlefamily.fanniemae.com/media/document/pdf/selling-guide
    snapshot_id: 5f7b8b79da595d76
    fetched_at: '2026-05-25T14:09:57Z'
    content_hash: sha256:98cf85a02861bbe84914a0e339b327c8fc131869a8a573882007bbeea60c5701
    paragraph_quote: 'B4-1.4-01, Factory-Built Housing: Manufactured Housing Published
      May 6, 2026 594 (02/04/2026) Introduction This topic contains information on
      manufactured housing appraisal requirements, including: Overview Manufactured
      Housing Appraiser Qualiﬁcations Manufactured Housing Appraisal Requirements
      and Standards Newly Constructed Manufactured Housing Appraisal Requirements
      Manufactured Housing Appraisal Site Requirements Manufactured Housing Appraisal
      Comparable Selection Requirements Excluding MH Advantage MH Advantage Appraisal
      Comparable Selection Requirements Manufactured Housing Appraisal Cost Approach
      Requirements Sources of Manufactured Housing Data Uniform Appraisal Dataset
      (UAD) 3.6 Policy Overview Fannie Mae requires market-based property valuations
      for manufactured homes demonstrated by a well- developed sales comparison approach
      to value that is further supported by the cost approach to value. For manufactured
      housing property eligibility requirements, including special appraisal requirements
      for MH Advantage properties, see B2-3-02, Special Property Eligibility and Underwriting
      Considerations: Factory-Built Housing. For manufactured housing mortgage eligibility
      and underwriting requirements, see B5-2, Manufactured Housing. Manufactured
      Housing Appraiser Qualiﬁcations The valuation principles for appraising manufactured
      homes are essentially the same as for other types of residential property. However,
      not all appraisers are knowledgeable and experienced about the unique construction
      process, as well as the manufacturers’ and federal, state, and local requirements
      for both construction and installation. The lender must ensure that the appraiser
      is knowledgeable about the local manufactured home market and the unique construction
      process for manufactured homes, and has access to appropriate data sources in
      order to render an opinion of value for the manufactured home. Lenders must
      establish policies and procedures to ensure that qualiﬁed individuals are being
      selected in accordance with Fannie Mae requirements as well as the Appraiser
      Independence Requirements. Manufactured Housing Appraisal Requirements and Standards
      The list below provides requirements and standards for manufactured housing
      appraisals. Published May 6, 2026 595 For purchase money mortgages, the lender
      must provide the appraiser with a complete copy of the executed contract for
      sale of the manufactured home and land; or a complete copy of the executed contract
      for both, if the manufactured home and land are purchased separately; and a
      copy of the manufacturer’s invoice if the manufactured home is new. The appraiser
      must analyze the contract(s) and the manufacturer’s invoice for new manufactured
      homes, and provide a summary in the appraisal report. The appraiser must report
      the results of a manufactured home appraisal on the Manufactured Home Appraisal
      Report (Form 1004C). The use of Form 1004C will help to ensure that the appraiser
      inspected, considered, and reported the appropriate information including, but
      not limited to, the: manufacturer’s name, trade or model number, year of manufacture,
      serial number, Certiﬁcation number(s) from the HUD Data Plate or HUD Certiﬁcation
      Label(s), type of foundation and utility connections, detailed and supported
      cost approach, opinion of the market value of the site, and property’s conformity
      to the neighborhood. Note: For existing construction, the appraiser must also
      provide a photo(s) of the HUD Data Plate or the HUD Certiﬁcation Label(s) for
      each section of the home. (Both are required for new construction.) The appraiser
      must indicate a value conclusion based solely on the real property as completed
      consisting of the manufactured home, site improvements, and land on which the
      home is situated. The value conclusion cannot include any non-realty items including,
      but not limited to, insurance, warranties, and furniture. Newly Constructed
      Manufactured Housing Appraisal Requirements For new manufactured homes not yet
      attached to the land or not yet constructed, the appraisal may be based on either
      plans and speciﬁcations or an existing model home. If required information is
      not available at the time the appraiser is completing the appraisal forms, the
      appraiser must appraise the property subject to the receipt and review of the
      items and completion of the improvements as a condition of the appraisal. A
      certiﬁcation of completion must be obtained before the mortgage is sold to Fannie
      Mae. The certiﬁcation must be completed by the original appraiser if possible,
      or if not possible, by a substitute appraiser as provided for in B4-1.2-04,
      Appraisal Age and Use Requirements; verify and state that the improvements were
      completed and all other requirements and conditions of the appraisal have been
      satisﬁed; include previously unavailable information, and a summary of the appraiser’s
      analysis of any previously unavailable dealer invoice; and include photos of
      the completed improvements attached to the permanent foundation, and of the
      HUD Published May 6, 2026 596 Data Plate and HUD Certiﬁcation Label(s). Manufactured
      Housing Appraisal Site Requirements The appraisal site requirements for manufactured
      housing are as follows: The appraiser must base their opinion of value on the
      characteristics of the subject property, including the site area. The appraisal
      report must indicate whether or not the site is compatible with the neighborhood,
      and must comment on the conformity of the manufactured home to other manufactured
      homes in the neighborhood. The property site must be of a size, shape, and topography
      that is conforming and acceptable in the neighborhood. It must also have competitive
      utilities, street improvements, adequate vehicular access, and other amenities.
      Because amenities, easements, and encroachments may either detract from or enhance
      the marketability of a site, the appraiser must reﬂect them in their analysis
      and valuation. The appraiser must comment if the site has adverse conditions
      or is not typical for the neighborhood. Manufactured Housing Appraisal Comparable
      Selection Requirements Excluding MH Advantage The comparable selection requirements
      for manufactured housing appraisals, excluding MH Advantage are as follows:
      The appraiser must use a minimum of two comparable sales that are manufactured
      homes. If the subject property is a single-width manufactured home, one comparable
      must be a closed sale of the same single- width conﬁguration, when available.
      If the appraiser is unable to ﬁnd a single-width comparable sale, an active
      listing or “under contract” sale will qualify as a supplemental exhibit to show
      marketability. The appraiser may use either site-built housing or a diﬀerent
      type of factory-built housing as the third comparable sale. The appraiser must
      explain why site-built housing or a diﬀerent type of factory-built housing is
      being used for the third comparable sale, and make and support appropriate adjustments
      in the appraisal report. In markets where condo projects with manufactured homes
      are more common, at least two comparables should be manufactured homes located
      in a condominium project. In markets where condo projects with manufactured
      homes are atypical, the appraiser may select comparables from a mixture of manufactured
      homes and manufactured home condos provided the appraiser is able to provide
      adequate written explanation and make appropriate adjustments. An appraiser
      that is unable to locate sales of manufactured homes that are truly comparable
      to the subject property may decide it is appropriate to use either older sales
      of similar manufactured homes or sales of similar manufactured homes that are
      located in a competing neighborhood to establish a baseline for the “sales comparison
      analysis” and determine sound adjustments to reﬂect the diﬀerences between comparable
      sales that are available and the subject property. The appraiser must not create
      comparable sales by combining vacant land sales with the contract purchase price
      of the home. This type of information may be used as additional supporting documentation.
      MH Advantage Appraisal Comparable Selection Requirements Published May 6, 2026
      597 MH Advantage properties are built to meet construction, architectural design,
      and energy eﬃciency standards that are more consistent with site-built homes.
      Accordingly, for MH Advantage properties, appraisers must use other MH Advantage
      properties (homes that have an MH Advantage Sticker or the CHOICEHome® label)
      for the comparable sales. However, if fewer than three MH Advantage sales or
      their equivalent (CHOICEHome®) are available, then the appraiser must supplement
      those comparable sales with the best and most appropriate sales available. Such
      sales must include a minimum of two site-built homes in recognition of the design
      standards for MH Advantage. There is no requirement to include factory-built
      home sales that are not MH Advantage, but if used, the appraiser must note why
      it was selected as a comparable sale, based on an assessment of the physical
      features of the subject property. Manufactured Housing Appraisal Cost Approach
      Requirements Fannie Mae requires a detailed and supported cost approach to value
      for all manufactured homes which must, at a minimum, contain the information
      indicated on the Form 1004C. The appraiser may choose to report the results
      of the cost approach on Form 1004C or by using a report form from a published
      cost service as an addendum to the appraisal report form. Whatever format the
      appraiser chooses to report the cost approach, the information must be suﬃcient
      to allow the lender to replicate the cost ﬁgures and calculations. The sales
      comparison and cost approach to value are complementary for the valuation of
      manufactured housing and must support the ﬁnal value conclusion. A properly
      developed and detailed cost approach will provide the information necessary
      for an appraiser to recognize diﬀerences in manufactured home construction quality,
      understand the diﬀerence between the comparable sales and the subject property,
      extract from the market appropriate adjustments for the sales comparison analysis,
      and identify sales of manufactured homes that are similar enough to the subject
      property to use as comparable sales. Sources of Manufactured Housing Data Traditional
      appraisal data sources do not provide enough quality manufactured home data
      for the appraiser to develop a supportable and well-documented manufactured
      home appraisal. While sources such as MLS and public records are important and
      may contain some data, appraisers must utilize other data sources, such as manufactured
      home dealers and construction companies/builders experienced in the installation
      of manufactured homes. One important source of manufactured housing information
      is the NADA Manufactured Housing Appraisal Guide. That publication lists general
      manufactured home depreciated replacement values based on original factory construction
      categories, and oﬀers a step-by-step process for arriving at the average retail
      book value for a manufactured home and can be used to develop a cost approach.
      Note: NADA chart values assume the home is in average condition. The publication
      provides deﬁnitions for “excellent,” “good,” “average,” “fair,” and “poor” to
      appropriately identify the condition of the manufactured home. Another source
      of information is Marshall & Swift’s Residential Cost Handbook. Marshall & Swift
      provides Published May 6, 2026 598 information that enables the user to arrive
      at an estimate of the cost of the manufactured home when new and the replacement
      cost based on, among other things, the construction quality; as well as an explanation
      of the items that enables the appraiser to support their conclusion of the overall
      construction quality of the manufactured home. The appraiser must support their
      opinion about both the quality and the condition of the manufactured home because
      they play a very important role in the value and marketability of manufactured
      homes. The NADA guide or the Marshall & Swift handbook may be used as additional
      sources to provide support for the appraiser’s conclusions about the quality
      and value of a manufactured home. Uniform Appraisal Dataset (UAD) 3.6 Policy
      Lenders using UAD 3.6 must follow the requirements in the UAD 3.6 Policy Supplement.
      Recent Related Announcements The table below provides references to recently
      issued Announcements that are related to this topic. Announcements Issue Date
      Announcement SEL-2026-01 February 04, 2026 Announcement SEL-2025-07 September
      03, 2025 Announcement SEL-2025-04 June 04, 2025 Announcement SEL-2023-09 October
      04, 2023 Announcement SEL-2023-01 February 01, 2023 Announcement SEL-2020-07
      December 16, 2020'
  judgment: false
