Genworth Mortgage Insurance is aligning its own guidelines with new government-sponsored enterprise requirements for manufactured housing transactions.
Earlier this month, Fannie Mae unveiled MH Advantage, an initiative that provides more flexible financing requirements for higher quality manufactured housing.
This includes loan-to-value ratios as high as 97 percent, elimination of manufactured housing loan-level price adjustments, and standard mortgage insurance.
On Monday, Genworth issued Announcement 2018-5 addressing the new program.
According to the Raleigh, North Carolina-based mortgage insurer, its Simply Underwrite guidelines have been aligned with the GSE changes for manufactured homes and project standards.
In addition, Genworth will support GSE updates to project standards. This includes allowing single-entity ownership up to 20 percent in projects with at least 21 units, increasing commercial space to 35 percent, and removing the reference to two-to-four-unit condominium project review types.
One other change in the bulletin was the expansion of the Professional Program to allow rate-term refinances.
Applications received on or after Monday are impacted by the changes.
