A lot of manufactured home dealers are worried about the impact that the loss of the “No Money Down” FHA construction perm is going to have on their business. Some people are banking on a miracle resurrection of the program before October 1st. We are the other hand are rolling out a new program.
A true […]
It amazed me last week to see how swiftly lenders eliminated the HECM 150 and began attempting to force Reverse Mortgage Borrowers into higher margin programs like the CMT 200.
At RP Funding we took a look at what was left in the industry and put together the RP HECM which, for a limited time, will […]
FNMA announced drastic increases in HECM Reverse Mortgage rates over the last few days. National lenders such as Everbank Reverse Mortgage (MetLife), Sun West Mortgage, and J B Nutter have all eliminated the Treasury based 150 margin reverse mortgages. All loans must close and fund by the end of August to maintain the current rates. In addition to eliminating the HECM […]
Sometime between October 1st, 2008 and January 2009 HUD will be increasing the loan limits for HECM Reverse Mortgages as outlined in the Housing and Economic Recovery Act of 2008.
According to the NRMLA, HUD’s lawyers are still trying to figure out how to enact these limits. Now I am not a lawyer but it doesn’t […]