Archive

Posts Tagged ‘Conventional’

Home Loan Limits Raised in Over 3,000 U.S. Counties

December 14th, 2018 Comments off

FHAHomeLoanLimitsRaisedOver3000USCounties

The Federal Housing Administration (FHA) announced late today that loans limits for 2019 will be raised for most part of the nation.

 

As manufactured housing industry veterans know, qualifying placements can allow a HUD Code home, or a modular home, to be financed with FHA insurance on the loan.

The increases are for both regular – forward mortgages, and also for HECM or so-called ‘reverse’ mortgages too.  The full HUD/FHA statement to the Daily Business News on MHProNews is as follows.

For additional details, industry professionals should contact an FHA approved lender conversant with manufactured home financing.

HUDNewsheaderManufacturedHousingIndsutryDailyBusinessNewsMHProNews

 

HUD ANNOUNCES NEW FHA LOAN LIMITS FOR 2019

Loan limits to increase in more than 3,000 counties

 

WASHINGTON – The Federal Housing Administration (FHA) today announced the agency’s new schedule of loan limits for 2019, with most areas in the country to experience an increase in loan limits in the coming year. These loan limits are effective for FHA case numbers assigned on or after January 1, 2019.

 

 

FHA is required by the National Housing Act, as amended by the Housing and Economic Recovery Act of 2008 (HERA), to set Single Family forward loan limits at 115 percent of median house prices, subject to a floor and a ceiling on the limits. FHA calculates forward mortgage limits by Metropolitan Statistical Area and county.

 

In high-cost areas of the country, FHA’s loan limit ceiling will increase to $726,525 from $679,650. FHA will also increase its floor to $314,827 from $294,515. Additionally, the National Mortgage Limit for FHA-insured Home Equity Conversion Mortgages (HECMs), or reverse mortgages, will increase to $726,525 from $679,650. FHA’s current regulations implementing the National Housing Act’s HECM limits do not allow loan limits for reverse mortgages to vary by MSA or county; instead, the single limit applies to all mortgages regardless of where the property is located.

 

Due to robust increases in median housing prices and required changes to FHA’s floor and ceiling limits, which are tied to the Federal Housing Finance Agency (FHFA)’s increase in the conventional mortgage loan limit for 2019, the maximum loan limits for FHA forward mortgages will rise in 3,053 counties. In 181 counties, FHA’s loan limits will remain unchanged. By statute, the median home price for a Metropolitan Statistical Area (MSA) is based on the county within the MSA having the highest median price. It has been HUD’s long-standing practice to utilize the highest median price point for any year since the enactment of the Housing and Economic Recovery Act (HERA).

 

The National Housing Act, as amended by HERA, requires FHA to establish its floor and ceiling loan limits based on the loan limit set by FHFA for conventional mortgages owned or guaranteed by Fannie Mae and Freddie Mac. FHA’s 2019 minimum national loan limit, or floor, of $314,827 is set at 65 percent of the national conforming loan limit of $484,350. This floor applies to those areas where 115 percent of the median home price is less than the floor limit.

HUDFHA2019LoanLimitsManufacturedHousingIndustryDailyBusinessNewsMHProNews

Any areas where the loan limit exceeds this ‘floor’ is considered a high-cost area, and HERA requires FHA to set its maximum loan limit ‘ceiling’ for high-cost areas at 150 percent ($726,525) of the national conforming limit. 

Based upon the volume of FHA endorsements in FY 2018, the following chart represents the number and share of counties where FHA loan limits are at the ceiling, floor and somewhere in between.

To find a complete list of FHA loan limits, areas at the FHA ceiling, areas between the floor and the ceiling, as well as a list of areas with loan limit increases, visit FHA’s Loan Limits Page

 

###

That’s this evening’s “News Through the Lens of Manufactured Homes, and Factory-Built Housing,” © where “We Provide, You Decide.” © ## (News, analysis, and commentary.)

ManufacturedHousingProNewsMHProNewsConfidentialTipsDocumentsNews

To report a news tip, click the image above or send an email to iReportMHNewsTips@mhmsm.com – To help us spot your message in our volume of email, please put the words NEWS TIP in the subject line.

NOTICE: Readers have periodically reported that they are getting a better experience when reading MHProNews on the Microsoft Edge, or Apple Safari browser than with Google’s Chrome browser. Chrome reportedly manipulates the content of a page more than the other two browsers.

(Related Reports are further below. Third-party images and content are provided under fair use guidelines.)

1) To sign up in seconds for our MH Industry leading emailed news updates, click here.

ManufacturedHomeIndustry#1HeadlineNewsMHProNews

To see a sample of our emailed news update, click here. To sign up for the factory-built home industry’s #1 headline news, click here or the graphic above.

2) To provide a News Tips and/or Commentary, click the link to the left. Please note if your comments are on-or-off the record, thank you.

3) Marketing, Web, Video, Consulting, Recruiting and Training Re-sources

SoheylaKovachDailyBusinessNewsMHProNewsMHLivingNewsSubmitted by Soheyla Kovach to the Daily Business News for MHProNews.com. Soheyla is a managing member of LifeStyle Factory Homes, LLC, the parent company to MHProNews, and MHLivingNews.com.

Related Reports: Click the Boxes Below to Read More...

Joint HUD, White House Announcements Aim to Advance the American Dream

Rep Jeb Hensarling Applauds Appointment of Dr. Mark Calabria to Head FHFA

 

 

 

Affordable Housing Focus Group, Comparing Housing Options, Rent, Conventional, Condos, Manufactured Homes

March 6th, 2018 Comments off
AffordableHousingFocusGroupzManufacturedHomes550x400DailyBusinessNewsMHProNews550x458

The video is near the end of this post.

Even during ‘boom times,’ the manufactured home industry struggled with certain issues.  Experts and advocates often point to regulatory or financing challenges.

 

 

ManufacturedHousingIndustryShipmentsFEMAManufacturedHomesNotMobileHomesTrailersIndustryResearchReportsDataMHProNews

Credits, MHI, Cavco.

average-shipment-per-decade-manufactured-home-posted-on-mhpronews-com-d

Graphic provided by Ross Kinzler when he was then the executive director of the Wisconsin Housing Alliance (WHA).

Beyond the ‘lending and legal,’  the core challenge goes under many different labels or monikers.

  • Stigma.
  • Image.
  • Once true, but now outdated realities.
  • Outright myths.
  • Prejudice.
  • Lack of proper understanding.
  • Need for education.

The best information in the world must still be accepted or at a minimum, and considered by those who hear, see, or read it.

The industry doesn’t need hype or exaggeration.

What manufactured housing needs is to have reality be properly presented by credible voices.

The Daily Business News will preview today part one of a multiple episode video captured near Fairhope, AL, in the appealing Gulf Shores/Pensacola area.

You don’t have to be told that these are not paid actors.

Nor where the participants given anything, other than a good meal and gas money for the drive to the restaurant where this focus group was conducted.

WelcomeToRealityDailyBusinessNewsMHProNews

Manufactured home professionals, individually must look reality in the eye. If everyone else ignores reality, the ones who grasp it are logically best able to advance.

 

Affordable Housing Focus Group, Episode (Part) 1

The entire focus group session lasted for about an hour, but this first part  – episode 1 – below is about 5 minutes and 5 seconds.

This isn’t about rah-rah. Rather, it’s about helping open minds.

It’s about education, through questions and answers in a group setting from those who know. That means, viewers discover credibility.

You can see glitzy productions in manufactured and modular housing.

If pretty pictures or great videos were all that it would take to sell more manufactured homes, then manufactured housing shipments would be somewhere between 500,000 and a million new homes a year.

But the industry finished 2017 with some 92,900 shipments.

Obviously, fancy videos and great looking websites alone clearly aren’t doing the job the industry needs.

By contrast, Inside MH has done videos with residents, experts and industry professionals that when they are shared as we suggest, result in a big increase in business.

Why?

Because what well qualified home shopping viewers are watching the video for is insight. When they find authenticity, they’re loving it.

IdeaManufacturedHomeDailyBusinessNewsMHProNews

 

Pre-Louisville, the Inside MH Road Show team traveled to Key Allegro Villas in Fairhope, AL between Mobile, Pensacola and near Gulf Shores, where a 55 plus community is growing near the warm winds and waters of the Gulf of Mexico.

The purpose of many of our Inside MH videos is get people who know to reveal what is.

It’s about information, and it can at times be entertaining.

But the goal is opening minds and providing accurate insights.

People sense authentic, genuine people and what’s real in interviews.

That in turn results in opening more minds.

This isn’t something you can do for yourself.  Experience and third party research alike tell us that for this to be effective, it must be done by a well-informed, third party media. The by-product of such educational videos routinely is, that more people buy.  For an example of how it works, see the report and video interview, linked below.

 

Manufactured Housing’s “Duh!” Monday Morning Sales Meeting

Let’s nail down a key point for this focus group, or any of our video interviews.  Given reality, consistently told in an authentic way, and professional, ethical service the industry can be revived and grow to new record highs, and do it in a sustainable fashion.

To rephrase, these are not ads.  They’re educational.

That’s what moves our operation. Opening minds to reality in ways that can advance the industry for good.

Every thing we do has the goal to address and reveal the cures for the issues that keep manufactured housing far below its potential.

We will soon post a version of this on MHLivingNews.com.

With no further adieu, here’s the video.

 

When several clients report 200 to 500 percent or more growth rates, and do so with happy new customers, that says it all.  “We Provide, You Decide.” (News, announcements, analysis, commentary.)

Related:

AffordbleHousingFocusGroupMHLivingNewsonDailyBusinesNewsMHProNews

Update:: the Affordable Housing Focus Group story ranked Page 1, #2 on a Google search for the date/time shown. For image search results and more details, click here or the above.

(Third party images, cites are provided under fair use guidelines.)

ThereAreOnly2WaysToLearnOwnOthersExperiencesLATonyKovachManufacturedHousingIndustryMHProNews-575x235By L. A. “Tony” Kovach,
award-winning consulting, publisher, web, video, recruiting, sales training, business development service provider.

MHLivingNews.com | MHProNews.com | Office 863-213-4090 |

Connect on LinkedIn:
http://www.linkedin.com/in/latonykovach