Finance Updates
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
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.
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