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Story on Market Place 2/10/2004
Posted: Tue Feb 10, 2004 6:21 pm
by Robert Rader
As I was driving home this evening there was a story on NRP/Marketplace that said there are ten new major lenders offering there products to the Manufactured Home market. Can anyone verify this story? If it is true, it would appear to be a major shift in the recent lending market and open the door to increased sales.
Thank you,
Rob
Re: Story on Market Place 2/10/2004
Posted: Wed Feb 11, 2004 6:45 am
by rmurray
The story is refering to the change in the FANNIE MAE mortgage requirements...back to 5% downpayment...The change authorized 10 select mortgage companies to offer these mortgages...
How big a news is it??????????????
1)..does NOT effect home only finance in any way..
2)..It only returns the program to pre..August 2003 standards..except the choice of lenders is smaller...remember sales in the industry were off 30% in the 1st 6 months of last year while these same standards were in force..
3)..Who did it help yesterday??????????Stockholders...Champion Homes stock rose 32% (all other manufactured home stock rose as well) when the news was announced...Last years sales in total were about 130,000...GMAC Mortgage said they expected industry shipments to rise to 240,000....HOPE THEY ARE RIGHT