FHA Manufactured Home Portfolio Program Highlights:

• Double and Triple Wide Homes Only
• Min Fico Score: 620
• Max LTV’s: Purchase 96.5%, Rate/Term 97.75% and Cashout 85%
• Max DTI: 31/43% (40/45% approved with exception with compensating factors)
• Minimum Loan Size $50,000
• Value given to only 5 acres. Properties with more than 10 acres will require an exception
• The home should be 70% or more of total value. Less than 70% will require an exception
• Engineer Cert is required
• Must meet all FHA guidelines
• Ineligible properties: Homes that have been moved from original foundation, Homes located in a mobile park or condo ownership, and homes located in a flood zone

 

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51 days remaining to enter into a contract in order to qualify for the $6500 tax credit or the $8,000 first time buyer’s credit for a new primary residence. You need to be under contract by April 30^th, transactions then need to close by June 30^th.

One more reason to act now: The  rate forecast from the Mortgage Bankers Association predicts 30 year rates at 6.0% by the end of 2010.