Fannie Mae Imposes Stricter Guidelines

Fannie Mae has toughened guidelines on 2-unit homes, trailing spouses, retirement portfolios, and more:


Maine Real Estate – Mobile Homes Are Now Eligible For The USDA 100% Program

A double or single-wide manufactured home is now eligible for RD (Rural Developement) financing only when purchased from one of their approved dealers. The manufactured home requirements are:

Rural Development – Manufactured Homes
Basic Requirements:

 Units must be new
 Placed on a private lot (not in a park)
 Put on a permanent, approved foundation
 Purchased through approved dealer-contractor


No furniture, including drapes, beds, chairs, sofas, lamps, tables, televisions, etc.
Furniture does not include refrigerators, ovens, ranges, washers and dryers, etc.

Certification and Inspection Requirements:

 Foundation Plan:
 Must be stamped by a Maine Registered Professional Engineer
 Must be approved/stamped by State Office
 Must transfer all loads below the established frost line
 Home must be permanently anchored to foundation

Manufactured Housing Unit:
Unit must have a properly affixed certification label indicating the construction of the unit is in accordance with Federal Manufactured Home Construction and Safety Standards (FMHCSS):

Maine real estate- manufactured housing tag

Maine real estate- manufactured housing tag





Must meet agency thermal requirements:
Comfort Heating and Cooling Certification
FMHCCS Uo Value Zone 3 for all of Maine

Required Contractor Statements:
Statement by dealer-contractor that any cash payments/rebates will be deducted from price of unit and not paid to applicant

Statement by dealer-contractor that the proposed cost is the full price of the unit and all development activities

If the applicant is purchasing furniture with other funds, a lien will not be filed against the Agency/Lender’s security property
Required Inspections for Manufactured Homes:

Stage 1 Inspection:  Prior to or during placement of permanent foundation, but prior to backfill
Stage 2 Inspection:  Final inspection when construction is complete, unit is in place but prior to occupancy
-FMHCSS Sticker
-Comfort Heating & Cooling Certificate for Zone 3

 Approved Dealer/Contractor to provide:

 Lien Release  for all materials or labor furnished
 Manufacturer’s Certificate of Origin indicating that the unit is free and clear of all encumbrances
 Builder’s Warranty
 All manufacturer’s warranties to the applicant

Lender Requirements:

 Recertification or Satisfactory Completion Certificate
 Water Test, where applicable
 Septic System Approval, where applicable

For a list of approved manufactured home Maine dealers,  call our office at: 207-784-2525  or email –

Maine Real Estate Foreclosures Continue To Rise

One in every 2,710 Maine single-family homes was in at least one stage of foreclosure in July, an almost two-fold increase from the same month last year.

During July, there were 255 foreclosure filings — default notices, auction sale notices and bank repossessions — reported in Maine, a 104% increase from July 2007, according to RealtyTrac, a California company that tracks foreclosures. July’s foreclosure filings, however, represent a 7.6% decrease from June.

Nationally, there were foreclosure filings reported on 272,171 U.S. properties during July, an 8% increase from the previous month and a 55% increase from July 2007. The report also shows one in every 464 U.S. households received a foreclosure filing during the month.

Source –

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Maine Foreclosure Financial Study: Maine Banks Are Stable – Maine Real Estate

Foreclosures in Maine are on the rise, but the trend does not threaten the state’s financial institutions, according to a study released last week by the Maine Bureau of Financial Institutions.

Maine’s 34 state-chartered banks and credit unions completed 67 foreclosures in 2007, a 29% increase from the 52 foreclosures completed in 2006, according to a press release from the bureau. During the first quarter of 2008, there were 28 completed foreclosures, up from 25 for the prior three months.

The state’s financial institutions held 88,000 mortgage loans between October 2006 and March 2008, according to the study. During that time one loan in 528 was in the process of foreclosure.

More information on the status of residential real estate lending by Maine’s financial institutions is available in the bureau’s 2008 Annual Report to the Legislature.

Freddie Mac – A Look At The Numbers

The collapse of the mortgage market has hammered mortgage giants Fannie Mae and Freddie Mac, both of which are in line for big federal bailouts. Here’s a snapshot of Freddie Mac’s mortgage business in Maine. (Fannie Mae does not break down its numbers by state.)


In 2006, Freddie Mac…

  • Invested $1.7 billion in home loans in Maine
  • Secured home loans for 11,751 Maine families
  • Financed loans for 5,422 low- and moderate-income Maine families
  • Helped 137 Maine families avoid foreclosure
  • Funded residential loans with an average mortgage of $144,752

Source: Freddie Mac; (2006 was the most recent data available)

Maine Foreclosure Numbers Up For June

Foreclosure filings in June were up 61% over the same month last year, according to a firm that tracks foreclosures.

Maine had 276 homes, or one in every 2,504, receive a foreclosure filing in June, according to California-based RealtyTrac’s most recent U.S. Foreclosure Market Report. The June numbers were a 14% increase from May 2008.

Nationally, 252,363 U.S. properties, or one in every 501 households, received a foreclosure filing during June, a 3% decrease from the previous month but a 53% increase from June 2007, according to the report.

Maine Real Estate 2008 – Foreclosures On The Increase

In an article by, Foreclosure filings in Maine increased 178% in April over the same month last year, according to data released today by RealtyTrac, a California-based firm that tracks the U.S. foreclosure market.

In April, there were 314 foreclosure filings in Maine, up 60% from March and 178% from April 2007, according to the press release.

Nationally, April saw a 4% increase from the previous month and a nearly 65% increase from April 2007. One in every 519 U.S. households received a foreclosure filing during the month.