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Posts Tagged ‘United States Department of Agriculture’

Bill to Use Section 8 Vouchers to Buy Manufactured Home Signed by President Obama

August 5th, 2016 Comments off

mfg home credit mhpronews postedDailyBusinessNewsMHProNewsFollowing up on the recent Senate passage of a bill that passed in the House in February – The Housing Opportunity through Modernization Act (HOTMA), posted on MHLivingNews and picked up hundreds of mainstream media outlets and advocacy sites – President Obama signed that bill it into law, as expected.  The bill willl allow Section 8 vouchers to be used for the purchase of a manufactured home (MH),

Currently, the vouchers can be used only for renting an MH, but the new law will allow those who qualify for Section 8 housing to use the vouchers for mortgage payments, property taxes and insurance for the entire year. The goal is to enable those of limited means to become homeowners, according to nationalmortgagenews.

A coalition of advoacy groups, including manufactured housing, were instrumental in the passage of the act. Lesli Gooch, from the Manufactured Housing Institute (MHI), said public housing agencies and HUD need to reach out to families to make them aware of this program; and work with lenders, including state housing finance agencies and the Rural Housing Service (RHS) to make sure lenders will honor the vouchers.

RHS currently finances MH only if the home is secured by land, or they will lend if the home is on a 99-year lease. “However, USDA (United States Department of Agriculture) is conducting a pilot in Vermont, New Hampshire and Oregon that allows borrowers to lease land for two years longer than the mortgage term,” according to an RHS spokesman.

Sponsored by Reps. Blaine Luetkemeyer, R-Mo., and Emanuel Cleaver, D-MO., the bill also authorizes the USDA to develop a direct endorsement program for the RHS whereby private lenders can approve loans. This will expedite the loans since the staffing at RHS has been diminished, and each loan must be approved by the agency.

The law further includes reforms to the Federal Housing Administration (FHA) condominium program.  Learn more at the link here##

(Photo credit: MHProNews-manufactured homes)

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

New CFPB Ruling Broadens Lending in Rural Areas

June 6th, 2016 Comments off

mfg com  arrowhead village mobile home park  jake bacon arizona daily sun  creditFor many years rural housing issues have been to the housing market what middle America has been to the east and west coasts—the flyover zone. Eighty percent of U. S. land is rural comprising just 20 percent of the population, says CoreLogic‘s Faith Schwartz, adding that rural housing is “a laboratory for cutting edge affordable housing techniques.”

The United States Department of Agriculture (USDA) and the Department of Housing and Urban Development (HUD) have mortgage programs for, respectively, rural housing and Native Americans which comprise four percent of the $436 billion in Ginnie Mae securities issued last year–$17 billion for rural housing.

A new ruling by the Consumer Financial Protection Bureau (CFPB) will implement Congress’ HELP Act—Helping Expand Lending Practices in Rural Communities—which expands guidelines for lenders to reach a broader market, as dsnews informs MHProNews.

CFPB Director Richard Cordray says: “The Consumer Bureau today has acted to implement the recent law that extends to more small creditors the specific provisions for operating in rural or undeserved areas. This rule provides broader eligibility for lenders serving in those areas to originate balloon payment qualified and a high-cost mortgages.”

A new rule introduced in Dec. 2015 requires the Federal Housing Finance Agency (FHFA) to implement the Duty to Serve rule, directing the government-sponsored enterprises (GSEs) to serve three underserved markets including manufactured housing, as well as rural markets and preserving affordable housing. It would be directed to very low-, low- and moderate-income families. ## 

(Photo credit: arizonadailysun/Jake Bacon–Arrowhead Village MHC)

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

Davis Homes in NC Offers Paths to Manufactured Home Ownership through USDA

June 17th, 2015 Comments off

davis_homes_peachland_nc__ansonecord_abby_cavenaugh__creditI have learned that there’s a big need for low-income families to get some help,” says Robin Davis, of Davis Homes, a manufactured and modular home dealer in Peachland, North Carolina, reports ansonrecord. She says in the year since the business opened, about 400 people have come in and many have no idea how to go about attempting to buy a home. She believes many people who have come in have gone to banks and then get so discouraged they never return.

She contacted the Unites States Department of Agriculture’s (USDA) Rural Development and Rural Housing Service and learned of three programs that can help people of modest means acquire a home: Single Family Housing Repair Loans and Grants, Rural Home Loans (Direct Program), and Single Family Home Loan guarantees.

Applicants must meet the income guidelines and live in an eligible rural area to qualify, MHProNews has learned. Davis is also thinking of partnering with other organizations that can offer education about homeownership. She and Arthur Davis, the 96-year-old patriarch of Davis Family Homes, feel that everyone should have the opportunity to live in a decent home. ##

(Photo credit: ansonrecord/Abby Cavenaugh–Davis Homes in Peachland, NC)

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

Oregon Replacing Old Manufactured Homes with New Ones

May 9th, 2014 Comments off

The ReHome Oregon project has sited the first of what may be dozens of new manufactured homes (MH) to replace dilapidated, failing homes in Curry County where 604 of 3,876 MH are in poor condition. Recognizing the importance of social networking among the residents of the homes, officials did not want to displace them from their neighborhoods, according to bendbulletin.com. Partnering with the United States Department of Agriculture (USDA), home manufacturers and others, Neighborworks Umpqua is now the administrative arm of the pilot program, and as MHProNews.com understands, project leaders are trying to take the program statewide. ##

(Photo credit: Champion Homes–new manufactured home)

Low Interest Loans Available to owners of Manufactured Homes

April 29th, 2014 Comments off

Home Repair Loan and Grant programs under Rural Development of the United States Department of Agriculture (USDA) target low income families and individuals with low-interest loans, and can only be used to remove health or safety hazards for applicants’ homes. The program includes those living in manufactured homes (MH) providing their income is below 50 percent of the area’s median income, according to ruidosonews.com. The maximum that can be borrowed is $20,000 at one percent interest. MHProNews.com has learned MH loans have a 30-year term. In addition, grant money up to $7,500 is available for elderly homeowners who cannot afford to borrow money. ##

(Image credit: andyenstallblog.com)

Rural Housing Service Automating Loans

April 9th, 2014 Comments off

In an attempt to streamline services of the U. S. Rural Housing Service (RHS), administrator Tony Hernandez says the agency is automating the loan approval process and lenders are willing to pay $50 for each loan to cover the cost, reducing the RHS need to seek financial support from Congress. “They will pay a fee so it is easier for them to close more loans, and get more people into homeownership,” Hernandez told a House appropriations subcommittee April 4, according to nationalmortgagenews.com. The approval is done manually, often using back and forth faxing, since the government shutdown disabled the automated system, resulting in many lenders and real estate agents shunning the United States Department of Agriculture program because of the long turnaround time, opting for FHA instead.

MHProNews.com has learned the National Association of Realtors (NAR) and the Mortgage Bankers Association (MBA) support the modernization effort. Last year RHS lenders originated 163,000 federally guaranteed mortgages valued at $22.4 billion, up from $19.2 billion in 2012. ##

(Image credit: texaslendingtoday.com)

M&T Bank Dropping Certain Manufactured Home Loans

March 11th, 2014 Comments off

MHProNews.com has been informed by mortgagenewsdaily.com that M&T Bank has updated its United States Department of Agriculture (USDA) guidelines and is removing its combined loan to value (CLTV) limit where the second lien is an affordable housing grant. In addition, it is no longer permitting manufactured homes on its SONYMA FHA plus program. ##

(Image credit: foreclosurelistings.com)

USDA Offering Refinancing to Homeowners

June 12th, 2012 Comments off

ModularHomeCoach reports the United States Department of Agriculture (USDA) has instituted a program through its Rural Development Housing division to lower interest rates and monthly payments for thousands of borrowers who have loans made or backed by the USDA. The pilot program, designed to improve the housing market, is being tested in 19 states stretching from Rhode Island to California to the Midwest and on to Georgia and North Carolina. Tammye Trevino, USDA administrator says, “USDA will work with industry stakeholders, citizens and other federal officials to build upon the administration’s goals to help responsible homeowners refinance loans stay in their homes and shore up the nation’s housing market.” MHProNews.com notes the article expresses hope the program is not just another government drain that takes money away from new home construction.

(Photo credit: ModularHomeCoach/USDA Administrator Tammye Trevino)

Debunking the ‘Un-healthy’ Myth of Factory Built Housing; superiority of systems building

November 1st, 2011 Comments off

modular_homes_collage from_Debunking_the_Myth_Healthy_Housing_Conference posted on MHProNews.comMHProNews has learned that the presentations made at the 2011 Healthy Homes Conference have become available, including “Debunking the “Un-healthy” Myth of Factory Built Housing and Its Use as a Superior Healthy Building Alternative” by Michelle Roberts & Rick Terry. The conference was supported by various agencies, including the Department of Housing and Urban Development (HUD), the Environmental Protection Agency (EPA), United States Department of Agriculture (USDA) and the Center for Disease Control (CDC). The conference website featured a quote by Florence Nightingale that captured part of the objectives, “The connection between the health and the dwelling of the population is one of the most important that exists.” Presenter Michelle Roberts is Director at the NAHB Research Center and Business Development Leader, Healthy and Energy Efficient Homes and Buildings for Owens Corning. Roberts has consulted with the modular housing industry for some years. Presenter Frederick “Rick” Terry background in the modular housing industry began as part of a family manufacturing business, positioning him as the first director of the Factory Built Housing Center (FBHC) at Penn College in 2004. Terry is Program Manager for FBHC Industry Partnership. Topics covered included a history of how factory building developed in the early 1900s with component catalog homes from Sears and Roebuck, to pre-HUD Code manufactured homes, to modern manufactured and modular home construction. Indoor Air Quality, green construction methods and much more were covered by Terry and Roberts in their pro-systems built housing presentation.

(photo credit: Debunking the Myth power point)