Is an Appraisal Required For A Mobile Home Refinance Loan?
An appraisal may or may not be required, depending on the NADA book value of the mobile 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 mobile home, and additional options of the mobile home, such as decking, awnings, garages, etc. If we have enough value booking the mobile 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.
