Sentences with phrase «chattel loans»

The GSEs have not purchased chattel loans for almost a decade.

Freddie Mac, for its part, projects purchases of 200 to 500 manufactured home chattel loans in year two (2019) of its final three - year DTS plan, and another 600 - 1,500 in year three (2020), subject, in its entirety, to separate approval by FHFA, which may or may not occur.

«I am pleased that FHFA is including chattel loans in the DTS framework, in order to encourage Fannie Mae and Freddie Mac to open a wider range of opportunities for aspiring manufactured homeowners.

Fannie Mae, meanwhile, projects purchases of 1,000 manufactured home chattel loans in both year two (2019) and year three (2020) of its DTS «implementation» plan.

MHI offered a roadmap that Fannie Mae and Freddie Mac could follow in safely purchasing chattel loans through a strong Duty to Serve requirement.

MHI has followed up its comments by initiating an ongoing dialogue with the GSEs to address any concerns they have about chattel loans, providing expertise in the assessment of default risk, opportunities for risk sharing, operational issues and procedures for loss mitigation and foreclosure.

Cascade Financial Services is creating new lending products for manufactured home buyers, including chattel loan products.

Chattel loans are easier for buyers because mortgages on smaller values are hard to secure, but chattel loans usually come with high rates and shorter terms.

It will also develop a pilot programs for buying chattel loans and for supporting the financing of manufactured housing communities, whether owned by governments, nonprofits, or residents.

MHI's comment letter to FHFA aggressively addressed and rebutted concerns identified in the proposed rule about the GSEs purchasing chattel loans and pointed out that today's manufactured housing market is strong due to sound lending and business practices.

«We are pleased to see details of how Fannie Mae and Freddie Mac propose to move toward the creation of a secondary market for manufactured home chattel loans.

«This country is facing an affordable housing crisis and anything the agencies can do toward the purchase of manufactured housing loans, including chattel loans, will do a great deal to help solve that crisis.

Our ongoing discussions and efforts with the GSEs should help them in this process to develop a secondary market for chattel loans.»

Rather than taking a mortgage on the property, the buyer may have to take out a chattel loan or use a line of credit.

More importantly, the recent recession has forced many manufactured housing owners to default on their chattel loans, creating higher vacancies in manufactured housing parks, especially those in America's heartland.

Several lenders also offer mortgages and chattel loans for manufactured homes insured by the Federal Housing Administration (FHA), the U.S. Department of Veterans Affairs (VA), and the Rural Housing Services (RHS) under the U.S. Department of Agriculture.

However, since FHFA has acknowledged that chattel loans make up 80 percent of all new manufactured home placements, MHI believes that the Enterprises should not be able to receive a satisfactory rating without a significantly more meaningful commitment to purchase chattel loans.»

Since chattel loans constitute 70 percent of the manufactured home loans and are the most underserved segment of that market, the GSEs can not fulfill their statutory responsibilities without a significant program to purchase chattel loans.

For a chattel loan of $ 40,000 with a $ 5,000 down payment and 10.5 percent interest rate over 25 years for a three bedroom, two bathroom manufactured home, the monthly payment would be $ 377.67.

Buyers can finance a purchase through a traditional mortgage if the property is classified as real estate, but the majority of manufactured homes are financed as personal property with a chattel loan.

With approximately 90,000 HUD Code manufactured homes projected to be sold in 2017, even if no market growth were assumed during the years covered by the three - year DTS plans (i.e., 2018 - 2020), that period would see retail sales of approximately 270,000 HUD Code manufactured homes, with approximately 216,000 (i.e., 80 %) of those homes financed through chattel loans, again, assuming no change in the composition or economic characteristics of the overall market.