Manufactured Home Lending during COVID-19

Although it appears that some Lenders have “pulled back” with regard to providing Financing during the current Corona Virus Pandemic, we at New Horizon Mortgage Concepts remain committed to continuing to provide the same spectrum of Manufactured Loan Programs that we have always offered. This includes “Conventional Financing” (i.e. Fannie Mae & Freddie Mac) as well as “Government Loan Programs”… Continue reading Manufactured Home Lending during COVID-19

Manufactured / Mobile Homes and Flood Zones

Historically, a Manufactured Home in a Flood Zone has been problematic. In addition to what ever “perceived risks” Manufactured Homes in general have posed to Lenders…the Scenario of a Manufactured / Mobile  Home being located in a Flood Zone has always been a non-starter. In the past, although New Horizon Mortgage Concepts has usually been able to… Continue reading Manufactured / Mobile Homes and Flood Zones

Manufactured & Mobile Home Interest Rates Stay Low

In spite of all of the conjecture that the FED was ready to raise Interest Rates at the Federal Open Market Committee meeting last week, once again they have decided to hold off. Apparently, the “economic indicating stars” still have not aligned from the FED’s perspective. Lenders and Borrowers alike exhaled a collective sigh of relief at… Continue reading Manufactured & Mobile Home Interest Rates Stay Low

How does TRID affect Manufactured / Mobile Home Loans?

Initially scheduled to be implemented on August 1st, TRID was officially “rolled out” on October 3rd, 2015. TRID stands for TILA RESPA Integrated Disclosures where TILA is an acronym for “Truth in Lending Act” and RESPA stands for “Real Estate Settlement Procedures Act”. This latest change in the Mortgage Industry is the result of an… Continue reading How does TRID affect Manufactured / Mobile Home Loans?

Date Set for Rollout of Reverse Mortgage Financial Assessment

After the previous delay in the implementation of the Financial Assessment component that will now be utilized for Reverse Mortgages (i.e. HECM’s – Home Equity Conversion Mortgages), an effective date of April 27th is currently when it is supposed to go into effect. Any Reverse Mortgage Transactions that have had an FHA (Federal Housing Administration) Case Number… Continue reading Date Set for Rollout of Reverse Mortgage Financial Assessment

Fed Makes No Move on Interest Rates

At the FOMC (Federal Open Market Committee) Meeting earlier this week the “Fed” made no concrete announcements regarding the eventual increase in Interest Rates that is ultimately expected to happen. Although Janet Yellen (Federal Reserve Chairwoman) acknowledged that the Economy does seem to be gradually improving, she spoke in terms of a couple of  specific… Continue reading Fed Makes No Move on Interest Rates

Financial Assessment for Reverse Mortgages Delayed

Although the “Financial Assessment Component” for Reverse Mortgage (HECM) Transactions was supposed to take effect on Monday March 2nd, the Federal Housing Administration has announced that the “rollout” will now be delayed anywhere from 30 to 60 days. Over the years there has been talk about some type of Financial Assessment being instituted for Reverse… Continue reading Financial Assessment for Reverse Mortgages Delayed

Reverse Mortgage Financial Assessment

Although some type of “Financial Assessment” has been talked about for years in the Reverse Mortgage Industry, the practice has never fully been implemented. However, starting in March 2015 this new dimension of Reverse Mortgage Lending will actually be rolled out. In reality, what Lenders are really trying to determine is that Reverse Mortgage Borrowers have the… Continue reading Reverse Mortgage Financial Assessment