Originally Posted by tiffany77
I currently own a manufactured home and the land on which it sits in NC. Although the county taxes the land and home as one property and the home is on a permanent foundation having had the wheels and axles removed, I have retained the titles to the home (2 since it is a doublewide) through the NCDMV, and the land deed is only a description of the land itself with no mention of the home. I have never filed an Affidavit of Affixture with the county, nor have I retired the titles to the home. In this case, is my home still considered chattel? Does anyone know for sure if USDA considers chattel property as adequate housing? I know an eligibility requirement for getting a guarantee commitment from USDA is that you must not currently own adequate housing. I appreciate any help on this that anyone has to offer.
One of the mortgage guys might be able to provide a better answer. Though years ago was a loan officer. Tried to write a few manufactured home loans. Underwriting is a killer on this types of loans.
An Affidavit of Affixture is a document that is used to change the status of a manufactured home from personal property to real property.
Having had the wheels and axles removed and home is on a permanent foundation is good, but you need to see what the courthouse has your description has.
Your should contact your local court house to find out what is the valuation Process for your state. I worked in home owners in another state, where it was a required engineering report done to prove the home was permanent.
My comments about retiring your title(s) - since you have one for the home, and one for the land. If you are doing the Affidavit to change your home from a trailer to a permanent. Why wouldn't you want to give both up, to received one title showing your home and land on one document?
Good Luck, my $00.02