Is an Appraisal Required For A Manufactured Home Refinance Loan?
An appraisal may or may not be required, depending on the NADA book value of the manufactured home and the amount you want to finance. An inspection is always required on every transaction. An inspection will give the overall condition of the manufactured home, and additional options of the manufactured home, such as decking, awnings, garages, etc. If we have enough value booking the manufactured home out using the inspection, an appraisal is not required. An appraisal is required is we do not have the value using the above method. Appraisals take into account recent sales from the same community, and surrounding area, community adjustments, and location to determine the value. An appraisal is almost always needed and recommended in the State of California. There are a handful of other states where an appraisal is required. Contact a JCF customer service representative for more information.
Related Questions
- What if I have an appraisal already completed for my home? Can KeyBank use it if they say one is necessary to participate in the loan program?
- Are all loan types eligible for the Home Affordable Refinance and Home Affordable Modification Programs? What about FHA/VA/USDA loans?
- Are there any Fees associated with Applying for a Manufactured Home Refinance Loan?
