The nation’s largest mortgage insurance company will not automatically align its own guidelines with guidelines for a new manufactured housing program from Fannie Mae.
Genworth Mortgage Insurance disclosed Monday that its guidelines have been updated to support Fannie’s MH Advantage program.
Washington-based Fannie announced MH Advantage last month to provide more flexible financing requirements for higher quality manufactured housing.
But on Tuesday, the nation’s largest insurer of mortgages, Arch MI, said it won’t align with Fannie’s changes.
“All Arch MI manufactured home underwriting requirements will remain the same, including our maximum 95 percent/95 percent LTV/CLTV for EZ Decisioning/SwiftClose and 90 percent/90 percent LTV/CLTV for standard underwriting requirements,” Arch said in CA 2018-03.
But Arch noted that it will align with Fannie’s adjusted inspection requirements specific to manufactured homes with an addition or structural modification. It will also align with other changes changes by Fannie for loans saleable to the agencies.
Radian Guaranty Inc. issued eBulletin #2018-4 Monday indicating it will support Fannie’s MH Advantage.
In addition, Philadelphia-based Radian will support Freddie Mac HomeOne products, which provide a 3 percent downpayment option.
