Posts Tagged ‘mortgage insurance’

Freddie Mac Updates Manufactured Home Mortgage Insurance

February 5th, 2016 Comments off

freddie mac  globest   creditEffective for mortgages with settlement dates after Jan. 4, 2016, a bulletin from Freddie Mac says as part of their initiative “to responsibly expand homeownership,” it is updating mortgage insurance requirements for Home Possible Mortgages. If an H P Mortgage is secured by a manufactured home, it will be subject to Home Possible Mortgage mortgage insurance requirements, as MHProNews understands.

The delivery fee rate for mortgages secured by a manufactured home is reduced from 100 basis points to 50 basis points. The required minimum mortgage insurance coverage level for mortgages secured by manufactured homes is being reduced to the standard mortgage insurance coverage. ##

(Photo credit: globest–Freddie Mac)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J Silver to Daily Business News-MHProNews.

Manufactured Home Purchases Available for Military Veterans

June 4th, 2014 Comments off

According to, Veterans Administration (VA) loans for buying a home through the Department of Veterans Affairs are often the least expensive route for homeownership for current and former U. S. military personnel. VA loans allow up to 100 percent financing with no required mortgage insurance and can be used to buy manufactured homes (MH). The program, which has helped millions of veterans and service personnel in the last 70 years, covers primary residences, not investment property or second homes. The VA does not make the loan, it only insures a portion of the loan, MHProNews has learned. The VA Guaranty gives lenders the backing to offer 100 percent LTV (loan-to-value) mortgages to qualified borrowers, but lenders have to meet certain guidelines set by the VA. Qualified borrowers can often obtain mortgage rates lower than those offered by Fannie Mae and Freddie Mac. ##

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HUD Hopes to Reduce Shadow Inventory

May 7th, 2013 Comments off

The U. S. Department of Housing and Urban Development (HUD) has announced it will sell approximately 20,000 severely delinquent mortgage loans insured by the Federal Housing Administration (FHA) in an attempt to reduce the shadow inventory and hone in on areas showing high foreclosure activity. Through its Distressed Asset Stabilization Program (DASP) it will increase funds to the FHA’s Mutual Mortgage Insurance (MMI) Fund and hopefully help some of the communities hit hardest by non-performing loans. The first sale date is set for June 26, followed by a second sale July 10 for properties located in southern Calif., Chicago, southern Ohio, and North Carolina. The loans are sold competitively at a market-determined price usually lower than the outstanding principal balance. HUD sold 16,000 seriously delinquent mortgages in March, and expects to sell 40,000 this year, as MHProNews has learned.

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Sobama, What Now?

November 8th, 2012 2 comments

While President Obama’s re-election will likely thwart hopes of altering Dodd-Frank or the CFPB (Consumer Financial Protection Bureau), a more immediate concern is the possibility that the U.S. Treasury Dept. may have to bailout the Federal Housing Administration’s Mutual Mortgage Insurance Fund, according to nationalmortgagenews. A Romney administration would likely have tightened FHA’s credit standards and increased down payments for borrowers with low credit scores. Fannie Mae and Freddie Mac will probably not change much in the next four years; but the expected chairman of the House Financial Services Committee, Jeb Snarling, (R-TX), wants to move Fannie and Freddie out of conservatorship and privatize them in five years. Mortgage bankers are hoping the administration will replace Edward DeMarco, the acting director of the Federal Housing Finance Agency (FHFA), with a permanent director who will write down the principal on underwater mortgages, thereby helping thousands of borrowers restructure their notes. MHProNews has learned, meanwhile, newly-elected Sen. Elizabeth Warren, the engineer of the CFPB and critic of mortgage brokers, will likely seek a seat on the Senate Finance Committee where she will block any legislation that might reduce the whammy of the CFPB.

(Photo credit: Wikipedia–U.S. Capitol Floor)

2.0 HARP Applications Going Fast

April 20th, 2012 Comments off

According to Housing and Urban Development (HUD) Secretary Shaun Donovan, 400,000 HARP (Home Affordable Refinance Program) 2.0 applications have been picked up by five of the largest loan servicers. HARP 2.0 is targeted to underwater borrowers with Fannie Mae and Freddie Mac loans. NationalMortgageNews tells President Obama has proposed a new refinance program aimed at the three million borrowers who are up-to-date on their payments but cannot refinance because of negative equity. For this effort the FHA would create a separate mortgage insurance fund, but this would require congressional approval, and Republican lawmakers are apt to turn back this measure.

(Image credit: MoneyControl)