Effective for mortgages with settlement dates after Jan. 4, 2016, a bulletin from Freddie Mac says as part of their initiative “to responsibly expand homeownership,” it is updating mortgage insurance requirements for Home Possible Mortgages. If an H P Mortgage is secured by a manufactured home, it will be subject to Home Possible Mortgage mortgage insurance requirements, as MHProNews understands.
The delivery fee rate for mortgages secured by a manufactured home is reduced from 100 basis points to 50 basis points. The required minimum mortgage insurance coverage level for mortgages secured by manufactured homes is being reduced to the standard mortgage insurance coverage. ##
(Photo credit: globest–Freddie Mac)
Article submitted by Matthew J Silver to Daily Business News-MHProNews.
