Skip to content

FHA Credit Overlays For Manufactured Homes

March 11, 2014

MH

Purchase transaction and rate/term limited to the following:

     o 96.5% LTV/CLTV with 580 or greater FICO score

Cash-out refinance limited to the following:

     o 85% LTV/CLTV with 580 or greater FICO score

Property cannot be in a designated flood zone for any transaction.

Property cannot be on a dirt road.

Allow properties up to five acres only if the appraisal reflects land value at 40% and structure at 60% of total value.

Non-occupying co-borrowers are not allowed.

The mortgage history must reflect all mortgage payments paid on time with no lates and current at the time of closing.

Appraisal must have recent closed like comparables.

A second appraisal may be requested at the underwriter’s discretion.

Properties with less than one year seasoning will require a full appraisal and are limited to 90% LTV/CLTV, no flood zones and will allow properties up to five acres only if the appraisal reflects land value at 40% and structure at 60% of total value.

Single – Double – Triplewide Manufacured homes.  Ask us about down payment assistance programs.

Visit Our Website: http://www.pmccanhelp.com/

FOR A FAST PRE-APPROVAL:   APPLY ONLINE

Job Opportunities? CA BRE NMLS Mortgage Loan Officers (Brokers are welcome), Real Estate Agents, & Account Executives.  Ask about our Branch Opportunities.  Now is the time to see how PMC Can Help you earn what you deserve!  Email your resume to careers@pmccareers.com and visit us at www.pmccareers.com!

Follow our Mortgage on:
http://www.facebook.com/pmccanhelp
http://twitter.com/pmccanhelp
http://www.linkedin.com/in/pmccanhelp

Follow our Realty on:
http://www.facebook.com/pmcrealty
https://twitter.com/pmcrealty

 

Advertisements
No comments yet

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: