Is it a Double Wide or Modular?

chow · Posted: Tue Feb 07, 2006 10:39 am Post subject: Is it a Double Wide or Modular?

I had a call last night from a WAMU LO. Question was if a home had a HUD sticker would that make the home a Double wide or a Modular?

I told him it wasn't the sticker that made the difference, but how it was actually put together when it was placed on the foundation. DW's are towed to site with wheels and tounge in two pieces. Modular is taken out on a flat bed, and lifted on the foundation. Modular never has any wheels or tounge to remove.

Now, what are some clues that give someone buying a home that is already there- specific ideas to which type of home it is? (FHA will insure any of them-if they are on a foundation, tied down, skirted ect...but not all of the investors will take a FHA loan on a "Trailer" or doublewide)

Let's create the short list of clues and keep it around.

dsouthr · Joined: 24 Jun 2006 Posts: 15 Location: Columbia SC

Chow, I disagree on your definition of double wide, that may be your guide line that you must follow. There are actually 3 property types involved here, not just 2.

1) Double wide manufactored home, delivered to the property on it's own frame with wheels and axiles removed at set up. It has a HUD plate that has a serial number for each half of the home. If it has the HUD plate then the discussion is over, it is a double wide MFG home. This also contains what is commonly known as a triple wide but what is in fact a double wide with an additional unit attached at set up and does have 3 unique numbers on the HUD plate.

2) On Frame modular - Also delivered to the property in it's own frame with wheels and axiles removed. It does not have a HUD plate thro a street view most times would look very much like a double wide. Typically thse will have higher pitch roofs and many times will have dormers added to take it away from the double wide look. More lenders everyday are considering these as the same as double wides but many only consider it a double wide if the appraisal says it is and it has the HUD plate. I have never seen one of these set up with vinyle underpinning but would assume some could be, just not typical as it is in the standard double wide. These homes must meet the upgraded building standards that double wides are not required to.

3) Off frame mods - These are trucked on a flat bed to the property in sections and a crane is used to set the sections in place. These are very difficult to see as different than any stick built home from a street view. many would suggest the construction of these is better than your typical custom built home because it's major contruction was done in a temp controled enviorment and not constructed in varied temps and maybe even in a rain strom. You can find these in 3 story versions and the cost can exceed $200K. If you have never been in one, you would be amazed at what you will find, you would find a wonderful home that is tight and very well built and built dead on level. These do not have HUD plates either. Some lenders prefer not to do the on frame mod because it smells to much like the double wide but every lender I know of loves the mod.

What I do not understand is why lenders what comps on off frame mods that are themselves mods, when the property type if anything, is better built than the preferred "stick built"? I can say that as someone with 9yrs experience on the wholeside side of this business and none of my appraisal review specialists were ever able to give me a reasonable explaination for why this is. I have just moved to the retail side but it didn't make sense to me when I reped for the lender.

Haplo · Joined: 20 Jan 2005 Posts: 2422 Location: Springfield, IL

Quote: It has a HUD plate that has a serial number for each half of the home.

That was my understanding of the determination. Yeah, the steel carriage and all that is a give away too, but this was the dead giveaway. Do mod's also have the label in the sink/fuse box/cabinets, etc.?

dsouthr · Joined: 24 Jun 2006 Posts: 15 Location: Columbia SC

No, mods do not.

Haplo · Joined: 20 Jan 2005 Posts: 2422 Location: Springfield, IL

I didn't think so. There's not much of a mod market where I'm at. It's either Man. or Stick built around here :)

dsouthr · Joined: 24 Jun 2006 Posts: 15 Location: Columbia SC

Haplo wrote: I didn't think so. There's not much of a mod market where I'm at. It's either Man. or Stick built around here :)

What are your thoughts about FHA continuing to allow the MFG deals? I am a bit concerned that when FHA opens up for all brokers that the FC on the MFGs will drive them totally away?

JRauenzahn · Joined: 24 Jul 2006 Posts: 13 Location: Sparta, MI

Modulars in Michigan have a silver label - sometimes under the sink or in a closet - here's a good web site I found through an appraisal forum, for modular labels in many different states:

http://www.ibts.org/mod_home.htm

chow · Posted: Tue Jul 25, 2006 2:19 pm Post subject:

Actually, all models have 3 locations. If you can't find them-go here.

http://www.hud.gov/offices/hsg/sfh/mhs/mhslabels.cfm

I had to put myself through school building these things. :roll:

We grow more than corn in Indiana.....

Haplo · Joined: 20 Jan 2005 Posts: 2422 Location: Springfield, IL

No you don't, you just also need a place to live while you're growing the corn. Now get back out there and get me some ethanol!!

chow · Posted: Tue Jul 25, 2006 2:37 pm Post subject:

I'm sorry, but I have to hop on a plane and take some more accounting classes in some stuffy hotel in Disney world for the next few days.

I'm on a mission. I'm going to chase a big mouse around with a calulator and see if he passes the 501c3 test!

Haplo · Joined: 20 Jan 2005 Posts: 2422 Location: Springfield, IL

Mice don't take that test. They actually make a profit ;)

chow · Posted: Tue Jul 25, 2006 7:06 pm Post subject:

Tell me about it!

If a gallon of Ice Tea at the Brickyard in Indy is $30.00 a gallon- I wonder what the heck Micky's place is making on it?

Never let me struggle with paying a catering bill for conventions or meetings. I thought mortgage broker conventions were expensive! :shock:

I just stood there and said "I have to write a check for HOW MUCH?"

'cuse me-I mean really. Conventions are a "For Profit" business too?

Greg Phillips · Joined: 13 Dec 2005 Posts: 123 Location: Chillicothe, Ohio

I actually am closing my first MFG FHA tomorrow or Friday.

Opening it up to brokers is scary but how many brokers can actually do FHA!

These people were even a refer... Talk about alt credit galore.

Haplo · Joined: 20 Jan 2005 Posts: 2422 Location: Springfield, IL

Heh, that's about 75% of my business Greg ;) Well, not the MFG, but the referred FHA loans. Yippy! They're a lot of fun ;)