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95% LTV on Mfg Housing for All

Fannie expands higher LTVs to all correspondents

November 12, 2004

By MortgageDaily.com staff

The nation's largest secondary lender has expanded standards to purchase higher loan-to-value manufactured home loans from all of its approved mortgagees.

Fannie Mae recently announced that as of Dec. 1 it will buy 30-year manufactured home loans with a 95% LTV ratio from all of its lenders.

Previously, or since February, the mortgage giant only purchased these type of loans from 10 lenders it considered had the expertise necessary to manage the unique issues associated with the purchase and financing of manufactured homes.

Prior to conducting this pilot with certain lenders, Fannie had tightened its guidelines for 30-year manufactured home loans to 90% LTV in an effort to restore balance to the manufactured housing sector, which reportedly had an all-time high number of foreclosed and repossessed loans.

"We announced several measures last June to strengthen our requirements for mortgages secured by manufactured homes," said Chuck Rumfola, Fannie's vice president for manufactured housing, in a written statement. "Today's changes will allow us to further broaden the availability of financing for this affordable housing type."

The government-sponsored enterprise said the eligibility changes apply to all purchase-money loans -- but it will buy cashout refinances on a limited basis.

Fannie said it will continue to work with lenders and other interested parties to foster the adoption of best-practice measures to ensure borrowers do not pay more for a manufactured home than it is worth.

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