Are Mobile Homes Back on the Radar?

FHFA is the Government body that is in charge of just about everything when it comes to regulating FNMA and Freddie Mac. They set out new guidelines and goals for the Agencies this week.

One of the suggestions on the table is for FNMA and FHLMC to offer more financing choices for Mobile Homes in as a way that they can meet their “goals” set by the overseeing agency.

The benchmark goals established could be seen as “production goals” your boss or company sets for you. FHFA  expressed these benchmarks as “minimum goal-qualifying mortgage”  percentages  of each type of home purchase or refinance mortgages acquired by the Enterprises.  They are:

• 27 percent for the low-income home purchase goal;
• 8 percent for the very low-income family home purchase goal;
• A percentage to be set annually by FHFA for the low-income/high minority/disaster areas home purchase goal (with a sub-goal of 13 percent to measure acquisitions in low-income/high minority areas only); and
• 21 percent for the low-income family refinance goal.

HERA requires that FHFA consider seven factors in setting the single-family housing goals:

• national housing needs;
• economic, housing and demographic conditions including expected market developments;
• the performance and effort of the Enterprises toward achieving the housing goals in previous years;
• the ability of the Enterprise to lead the industry in making mortgage credit available;
• such other reliable mortgage data as may be available;
• the size of the purchase money conventional mortgage market or refinance market serving each of the types of families described, relative to the size of the overall purchase and refinance markets;
• The need to maintain the sound financial condition of the Enterprises.

Now when you look at HOW FNMA and Freddie are going to achieve this – Mobile Homes pop into my mind! It is very difficult to get a USDA Home Loan or FHA Mortgage Loan on a manufactured home.

If you are considering a home purchase, or want to know if you qualify for a new home, call Steve and Eleanor Thorne, 919-649-5058 we know the market, we know the products and we have the best rates!