Fannie Mae has toughened guidelines on 2-unit homes, trailing spouses, retirement portfolios, and more: http://bit.ly/e0q8F
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
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:
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):
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
-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
All manufacturer’s warranties to the applicant
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 – email@example.com
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 – Mainebiz.biz
Search over 30,000 Maine properties for sale (as of today’s date) at www.meservier.com
We are your Maine real estate connection!
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.
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)
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.
In an article by MaineBiz.biz, 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.