This week, Ginnie Mae announced its plan to implement its new program for manufactured home loans. These changes were created in response to recent changes in the Federal Housing Administration’s (“FHA”) Title I Program for manufactured housing, as communicated in Title I Letters TI-481 and TI-484,and in support of the Housing and Economic Recovery Act of 2008 (“HERA”).
Effective immediately, Ginnie Mae will accept applications for participation as Issuers of MBS backed by new Title I manufactured home loans (“MH MBS”). Issuers that are currently approved to issue manufactured housing securities are required to re-apply in order to participate in the new program. The major change to the program will be that all approved Issuers will be required to maintain a minimum adjusted net worth of $10 million, as calculated in accordance with the HUD Audit Guide, plus 10% of the amount of MH MBS outstanding.
Click here for the full Ginnie Mae Announcement.
MHI members can contact Thayer Long at tlong@mfghome.org.
