Freddie Mac Single-Family Seller/Servicer Guide 5703.9 — Appraisal requirements for Manufactured Homes

Refer to Bulletin 2025-7, which announced the policy requirements for Uniform Appraisal Dataset (UAD) 3.6. Sellers may submit to the Uniform Collateral Data Portal® appraisal reports that use UAD 3.6 before the mandatory effective November 2, 2026 version of this section. The Seller must obtain an appraisal with an interior and exterior inspection that meets Freddie Mac requirements. This section contains: ■ Appraiser qualifications for appraisals of Manufactured Homes ■ Information provided to appraiser for New Manufactured Homes ■ Appraisal requirements for a Manufactured Home ■ Sales comparison approach for Manufactured Homes (excluding CHOICEHomes®) ■ Cost approach for Manufactured Homes ■ Income approach for Manufactured Homes ■ Completion documentation for Manufactured Homes

(a) Appraiser qualifications for appraisals of Manufactured Homes In addition to the appraiser qualifications stated in Section 5603.1, the Seller must determine that the appraiser demonstrates the knowledge and experience to perform quality appraisals for Manufactured Homes. The Seller must ensure the appraiser: ■ Has adequate experience and previously completed real property appraisals of Manufactured Homes ■ Has adequate education and/or training related to the appraisal of Manufactured Homes ■ Understands the unique features that affect the quality of Manufactured Homes and the factory construction techniques for Manufactured Homes ■ Understands the manufacturers’ and federal, State and local requirements for the installation of Manufactured Homes ■ Has knowledge concerning the local Manufactured Home market; and ■ Has access to appropriate data sources to establish an opinion of value Note: The N.A.D.A. Manufactured Housing Appraisal Guide® and Marshall & Swift® Residential Cost Handbook may also be used to provide support for the appraiser’s quality adjustments and value conclusions.

(b) Information provided to appraiser for New Manufactured Homes In addition to the requirements in Section 5603.3, for a New Manufactured Home, the Seller must provide the appraiser with: 1. Contracts: A complete copy of the executed contract for sale of the Manufactured Home and the land is required. If the Manufactured Home and land have separate contracts, the executed contract for each is required. If the Borrower has owned the land for 12 months or more as of the Application Received Date, a copy of the executed contract for the land is not required. 2. Manufacturer documents: A copy of the manufacturer’s invoice and the Manufactured Home Purchase Agreement is required for: ■ A purchase transaction Mortgage secured by a New Manufactured Home; or ■ A Construction to Permanent Mortgage when either a purchase transaction Mortgage or “no cash-out” refinance Mortgage 3. Plans and specifications: If the Manufactured Home is not yet affixed to the land, the appraisal may be based on plans and specifications or an existing model Manufactured Home

(c) Appraisal requirements for a Manufactured Home In addition to the property eligibility and valuation requirements of Topic 5600, the appraisal report must contain: 1. A match of the manufacturer’s serial number(s) and the HUD Certification Label number(s) on the dwelling with the number(s) on the contract for sale, manufacturer’s invoice and any other documentation provided. Note: If the numbers do not match, the appraisal report must state that the Manufactured Home is not the same dwelling referenced on the contract for sale or other applicable documentation. 2. A photo(s) of the HUD Data Plate and HUD Certification Label(s) as follows: ■ For an existing Manufactured Home, photo(s) of either the HUD Data Plate or the HUD Certification Label(s) are acceptable. When both are present, the appraisal report must include both. ■ For a New Manufactured Home, photos of both the HUD Data Plate and HUD Certification Label(s) are required 3. A sales comparison approach to support an opinion of the market value of the Manufactured Home that excludes non-realty items, such as, but not limited to, insurance, warranties or furniture 4. A cost approach 5. Analyses, opinions and conclusions reported on Form 70B, Manufactured Home Appraisal Report

(d) Sales comparison approach for Manufactured Homes (excluding CHOICEHomes) Except for Mortgages secured by a CHOICEHome, when completing the sales comparison approach for Manufactured Homes, the following must be met: ■ The appraisal report must identify the specific number of Manufactured Home sales and listings as well as the respective price ranges that were used in the analysis ■ The appraisal report must include at least two comparable Manufactured Home sales of similar configuration (i.e., single-wide comparable sales for a single-wide subject property and multiwide comparable sales for a multiwide subject property) and similar quality ■ The appraisal report may contain either site-built housing or a different type of factorybuilt housing as the third comparable sale if an explanation is provided ■ The appraisal report may contain more than three comparable sales, including contract sales and listings, to support the appraiser’s opinion of value If the Manufactured Home is in a controlled market (e.g., a new subdivision or project, a newly converted project or an area where the property seller owns a substantial number of units), at least one comparable sale must be outside the influence of the developer, builder or property seller. ■ Resales from within the subject project or subdivision may be used to meet this requirement ■ When comparable sales from outside the subject project or subdivision are used, they must also be outside the influence of the subject property’s developer, builder or property seller The appraisal report must not contain comparable sales that were created by combining vacant land sales with the contract purchase price of the Manufactured Home. If the appraisal report does not contain at least two comparable sales of similar Manufactured Homes, the Mortgage is not eligible for sale to Freddie Mac. Note: See Section 5703.12(h) for details regarding appraisal requirements for Mortgages secured by a CHOICEHome.

(e) Cost approach for Manufactured Homes A detailed cost approach based on published sources and supported by market data is required for all Manufactured Home appraisals. The appraisal report must provide sufficient information and data to allow the Seller or other reviewers to replicate the cost figures and calculations. The appraiser should fully develop the cost approach to support quality of construction determinations and any adjustments made by the appraiser to account for differences in quality of construction. Key criteria include: ■ The cost figures must come directly from a published cost service without modification by the appraiser ■ The appraisal report must provide the source and the effective date of the cost data ■ The appraisal report must contain the cost data with a quality rating that is based only on objective criteria. Note: The appraisal report may contain other sources of objective information, such as the Uniform Appraisal Dataset Specifications (as found in Exhibit 36, Condition and Quality Ratings and Level of Updating Definitions) ratings and definitions, to support the quality rating. ■ The appraisal report must contain an opinion of site value supported by a summary of comparable land sales or other methods used for estimating site value

(f) Income approach for Manufactured Homes The income approach is not required; however, it must be provided if necessary to develop a credible appraisal report.

(g) Completion documentation for Manufactured Homes If the appraisal is performed before the Manufactured Home is delivered and installed on a permanent foundation, the Seller must document that the Manufactured Home is complete. If a new appraisal is required, the appraisal report must contain an analysis of previously unavailable information. If the new appraisal is an appraisal update that also acts as documentation of completion, it must identify that the conditions of the underlying appraisal have been satisfied.

Homes (Future effective date 11/02/26) The Seller must obtain a Traditional Appraisal Report with an interior and exterior inspection that meets Freddie Mac requirements. This section contains: ■ Appraiser qualifications for appraisals of Manufactured Homes ■ Information provided to appraiser for New Manufactured Homes ■ Appraisal requirements for a Manufactured Home ■ Sales comparison approach for Manufactured Homes (excluding CHOICEHomes®) ■ Cost approach for Manufactured Homes ■ Income approach for Manufactured Homes ■ Completion documentation for Manufactured Homes

(a) Appraiser qualifications for appraisals of Manufactured Homes In addition to the appraiser qualifications stated in Section 5603.1, the Seller must determine that the appraiser demonstrates the knowledge and experience to perform quality appraisals for Manufactured Homes. The Seller must ensure the appraiser: ■ Has adequate experience and previously completed real property appraisals of Manufactured Homes ■ Has adequate education and/or training related to the appraisal of Manufactured Homes ■ Understands the unique features that affect the quality of Manufactured Homes and the factory construction techniques for Manufactured Homes ■ Understands the manufacturers’ and federal, State and local requirements for the installation of Manufactured Homes ■ Has knowledge concerning the local Manufactured Home market; and ■ Has access to appropriate data sources to establish an opinion of value Note: The N.A.D.A. Manufactured Housing Appraisal Guide® and Marshall & Swift® Residential Cost Handbook may also be used to provide support for the appraiser’s quality adjustments and value conclusions.

(b) Information provided to appraiser for New Manufactured Homes In addition to the requirements in Section 5603.3, for a New Manufactured Home, the Seller must provide the appraiser with: 1. Contracts: A complete copy of the executed sales contract for the Manufactured Home and the land. If the Manufactured Home and land have separate contracts, the executed contract for each is required. If the Borrower has owned the land for 12 months or more as of the Application Received Date, a copy of the executed contract for the land is not required. 2. Manufacturer documents: A copy of the manufacturer’s invoice and the Manufactured Home Purchase Agreement is required for: ■ A purchase transaction Mortgage secured by a New Manufactured Home; or ■ A Construction to Permanent Mortgage when either a purchase transaction Mortgage or “no cash-out” refinance Mortgage 3. Plans and specifications: If the Manufactured Home is not yet affixed to the land, the appraisal may be based on plans and specifications or an existing model Manufactured Home

(c) Appraisal requirements for a Manufactured Home In addition to the property eligibility and valuation requirements of Topic 5600, the appraisal report must contain: 1. A match of the manufacturer’s serial number(s) and the HUD Certification Label number(s) on the dwelling with the number(s) on the sales contract, manufacturer’s invoice and any other documentation provided. Note: If the numbers do not match, the appraisal report must state that the Manufactured Home is not the same dwelling referenced on the sales contract or other applicable documentation. 2. A photo(s) of the HUD Data Plate and HUD Certification Label(s) as follows: ■ For an existing Manufactured Home, photo(s) of either the HUD Data Plate or the HUD Certification Label(s) are acceptable. When both are present, the appraisal report must include both. ■ For a New Manufactured Home, photos of both the HUD Data Plate and HUD Certification Label(s) are required 3. A sales comparison approach to support an opinion of the market value of the Manufactured Home that excludes non-realty items, such as, but not limited to, insurance, warranties or furniture 4. A cost approach

(d) Sales comparison approach for Manufactured Homes (excluding CHOICEHomes) Except for Mortgages secured by a CHOICEHome, when completing the sales comparison approach for Manufactured Homes, the following must be met: ■ The appraisal report must identify the specific number of Manufactured Home sales and listings as well as the respective price ranges that were used in the analysis ■ The appraisal report must include at least two comparable Manufactured Home sales of similar configuration (i.e., single-wide comparable sales for a single-wide subject property and multiwide comparable sales for a multiwide subject property) and similar quality ■ The appraisal report may contain either site-built housing or a different type of factorybuilt housing as the third comparable sale if an explanation is provided ■ The appraisal report may contain more than three comparable sales, including contract sales and listings, to support the appraiser’s opinion of value If the Manufactured Home is in a controlled market (e.g., a new subdivision or project, a newly converted project or an area where the property seller owns a substantial number of units), at least one comparable sale must be outside the influence of the developer, builder or property seller. ■ Resales from within the subject project or subdivision may be used to meet this requirement ■ When comparable sales from outside the subject project or subdivision are used, they must also be outside the influence of the subject property’s developer, builder or property seller The appraisal report must not contain comparable sales that were created by combining vacant land sales with the contract purchase price of the Manufactured Home. If the appraisal report does not contain at least two comparable sales of similar Manufactured Homes, the Mortgage is not eligible for sale to Freddie Mac. Note: See Section 5703.12(h) for details regarding appraisal requirements for Mortgages secured by a CHOICEHome.

(e) Cost approach for Manufactured Homes A detailed cost approach based on published sources and supported by market data is required for all Manufactured Home appraisals. The appraisal report must provide sufficient information and data to allow the Seller or other reviewers to replicate the cost figures and calculations. The appraiser should fully develop the cost approach to support quality of construction determinations and any adjustments made by the appraiser to account for differences in quality of construction. Key criteria include: ■ The cost figures must come directly from a published cost service without modification by the appraiser ■ The appraisal report must provide the source and the effective date of the cost data ■ The appraisal report must contain the cost data with a quality rating that is based only on objective criteria. Note: The appraisal report may use Appendix 2: Condition and Quality Ratings Definitions contained in Appendix F-1: URAR Reference Guide to support the quality rating. ■ The appraisal report must contain an opinion of site value supported by a summary of comparable land sales or other methods used for estimating site value

(f) Income approach for Manufactured Homes The income approach is not required; however, it must be provided if necessary to develop a credible appraisal report.

(g) Completion documentation for Manufactured Homes If the appraisal is performed before the Manufactured Home is delivered and installed on a permanent foundation, the Seller must document that the Manufactured Home is complete. If a new appraisal is required, the appraisal report must contain an analysis of previously unavailable information. If the new appraisal is an appraisal update that also acts as documentation of completion, it must identify that the conditions of the underlying appraisal have been satisfied.