Following up on a story MHProNews posted Jan. 20, 2014 regarding a possible grant for water system improvements at the Centennial Estates Manufactured Housing Community (MHC) Cooperative in Derry, New Hampshire, the town council voted to apply for the $500,000 Community Development Block Grant (CDBG). The application will compete against …
Manufactured Home Community Co-operative Applies for Block Grant Read More
Show coordinator Dennis Hill said by 1:00 PM, Wednesday Jan. 22, the first day of the Louisville Manufactured Housing Show, more people had come through the gate than for the entire show last year. The finance panel discussion, moderated by Dick Ernst and featuring most of the major lenders in …
Louisville (Slugger) Manufactured Housing Show Hits Homer Read More
Following up on a story MHProNews posted Jan. 31, 2013, regarding $125,000 in seed money received by Wolfpack Chassis from Elevate Ventures’ Indiana Angel Network Fund (IANF), the Kendallville, IN-based company announces the completion of a $625,000 round of financing. Wolfpack manufactures chassis and chassis components for the manufactured housing …
Manufactured Housing Chassis Firm Firms-up Financing Read More
Mel Watt, the new Federal Housing Finance Agency (FHFA) director, is appointing four special advisors to assist him with policy and strategic decisions, MHProNews.com has learned from nationalmortgagenews.com. Megan Moore, who worked at the Treasury Department’s Office of Legislative Affairs, will be special advisor for intergovernmental affairs; Bob Ryan served …
Former North Carolina Democrat Melvin Watt was sworn in Jan. 6, 2013 as the new head of the Federal Housing Finance Agency (FHFA), replacing the acting head since 2009, Edward DeMarco. The Manufactured Housing Association for Regulatory Reform (MHARR) says Watt was instrumental in the passage of the Manufactured Housing …
Melvin Watt : New Light at the Federal Housing Finance Agency? Read More
Speaking to the National Association of Realtors (NAR), Consumer Financial Protection Bureau (CFPB) Director Richard Cordray said the new mortgage regulations that take effect today, Jan. 10, 2014 will protect consumers from the type of risky loan products that contributed to The Great Recession and housing bubble. Reminding NAR members …
CFPB Director Cordray Addresses the National Association of Realtors Read More
Housing finance reform is expected to be at the top of the agenda in Congress at the beginning of the new session, but unless the initiatives move forward quickly, chances increase they will stall as the mid-term elections approach in November. The bi-partisan proposal introduced in the Senate will pare …
Will Housing Finance Reform Please come Forward? Or Not Read More
Increasingly, more mortgage borrowers are rising to the water’s surface instead of being underwater. According to RealtyTrac, 19 percent of all homes with mortgages were “deeply underwater,” meaning they owed at least 25 percent more on their mortgages than their homes are worth in December, a total of 9.3 million …
A subsidiary of manufactured housing and recreational vehicle community owner Sun Communities, Inc. borrowed $141.5 million from Bank of America, split in to two loans. The $72.4 million Pool A Loan accrues interest at 4.89 percent annually, while the interest rate on the $69.1 million Pool B Loan is 4.90 …
An analysis by Fannie Mae of its 2013 National Mortgage Survey reveals lower income borrowers are more apt to rely on advice from others, such as real estate agents and/or friends and family to determine what mortgage to choose and how much to borrow. They want loan terms and costs …
Online Shopping will Play Larger Role in Choosing Mortgages Read More
Predictions for 2014 from nationalmortgagenews.com forecast home sales will rise from 5.5 million this year to 5.9 million in 2014, home price appreciation will drop from 11 percent to six percent in 2014, and the 30-year mortgage rate will rise 50 basis points to five percent. The purchase-refinance loan origination …
According to nationalmortgagenews.com the average weekly rate for a 30-year mortgage is two basis points under 4.5 percent, making it just above one percent higher than one year ago. For a 15 year mortgage, the average rate is two basis points above 3.5 percent, making the mortgage rate just under …
30-Year and 15-Year Mortgages Slightly Above One Year Ago Read More
While most of the modular homes in Australia are for coastal and rural retreats, more architect-designed, multi-million-dollar prefabricated homes are being trucked 500 to 600 miles and craned into place, sometimes costing over $100,000 just for transport. While the prefab market in Australia is relatively immature, representing only about one …
While lenders who make qualified mortgages that must conform to certain criteria have greater legal protection than those loans that do not, the Consumer Financial Protection Bureau (CFPB) published a factsheet that states, “We will stand with borrowers and homeowners to ensure financial institutions treat them properly. Borrowers who fall …
Industry groups are questioning the Federal Housing Finance Administration’s (FHFA) raising of fees as a means to encourage private capital back into the mortgage market. The National Association of Realtors (NAR) president Steve Brown says homebuyers are being charged excessive fees “due to questionable agency goals.” The FHFA intends to …
Will Raising Mortgage Fees Bring Back Private Capital? Read More
According to dailyfinance.com, CEO of Berkshire Hathaway Warren Buffett is as good a CEO as he is a savvy investor. He bought Clayton Homes, the largest producer of manufactured homes (MH) in North America, in 2003 because Clayton incentivizes its dealers, rewarding them by splitting the profit 50/50 with the …
Wise Warren Buffett Bought Motivating Clayton Homes Read More
A report from CBRE, the world’s largest commercial real estate services firm, states that multifamily rents will increase 2.5 percent a year for the next three years, with the pace of construction leveling off at 216,000 units each year through 2018. It has been 3.9 percent growth a year since …
The U. S. Department of Housing and Urban Development is providing $14.8 million in redevelopment funding for approximately 19,000 seniors with low-to-very low incomes in order to prevent their displacement from 1,700 units located in 12 properties across six states. Part of HUD’s Section 202 “Supportive Housing for the Elderly” …
During Q3 2013 an additional 791,000 U. S. homes returned to positive equity as home values continue to rise, bringing the number of mortgaged residential properties with equity to 42.6 million. The number of homes remaining in negative equity fell from 7.2 million at the end of the second quarter …
Some higher-priced mortgages will be exempt from certain appraisal requirements following the issuance of a final rule by six financial regulatory agencies. In order to make sure a loan is sound, a physical visit with written appraisal must be made to see the interior of a home prior to making …
New Guidelines Regarding Appraisal Requirements Released Read More
