GOVERNOR SIGNS CMHI SUPPORTED

HOME BUYER TAX CREDIT LEGISLATION

On March 25, 2010, Governor Arnold Schwarzenegger signed legislation that will extend and expand California's successful home buyer tax credit. Click here for the full story...

CMHI Publishes New Financing with Confidence

Today’s financial climate is one of the most serious problems we face as an industry.  Lenders are becoming fewer and are limiting their products such that retailers and consumers must explore alternative lending sources like never before. 

To help in that search, CMHI is contacting local and regional banks hoping to attract new members.  In addition, we are contacting Title Insurance companies that are active in our industry in hopes of finding active lending sources. All members are encouraged to do the same and share the information with CMHI.  To help you with your presentation, we have updated our brochure Financing with Confidence.  This piece is available to all CMHI members at a nominal fee.  To view the document click here.  To order the professionally printed copies, please call CMHI. Click here for the full story...

New FHA Title I Loan Limits Effective Immediately

FHA Commissioner Brian Montgomery has signed and released a Mortgagee Letter to Title I lenders which announces an immediate increase to the loan limits under the existing FHA Title I program. The key loan limit increase is the 'home only' limit which will rise immediately from $48,600 to $69,678. The increased loan limits fall under the existing Title I underwriting parameters and program, and will apply to all loan applications taken on or after the date of the Letter’s posting.

Any current FHA Title I lender will be eligible to originate loans under the increased Title I loan limits. Please note that remaining changes to the Title I program, including underwriting guidelines and new insurance system, will become effective at a later date. We will post those changes as soon as they are effective.

Click here to review the letter sent to all Title I lending institutions.

LATEST UPDATES

CA Building Code Chapter 7A (Members only)

California Department of Housing and Community Development (HCD) Website (Members only)

State of California Office of the State Fire Marshall Website (Members only)

Proposed Maps for WUI Zones (Members only)

Manufactured Home Buyers – Beware of Internet Sales from Out-of-State Sellers!

The California Department of Housing and Community Development has posted the following article on their website warning consumers of the potential consequences of purchasing a manufactured home via the internet from out-of-state. They say, “Consumers interested in purchasing manufactured homes should use extreme caution when considering a manufactured home ordered over the Internet from an out-of-state seller.” To read the article in its entirety, please click here….

IMPORTANT CONSUMER ADVICE WHEN PURCHASING A MANUFACTURED HOME

The California Department of Housing and Community Development has posted on their website several recommendations and advice for consumers who are considering the purchase of a manufactured home. HCD outlines - who you can buy a manufactured home from, information about internet sales, and many ideas to consider when choosing a home. To read the complete article, click here…

The National Manufactured Housing Institute Statement on the
CDC Preliminary Findings on Formaldehyde in FEMA Emergency Housing

The National Manufactured Housing Institute has issued a statement on the CDC preliminary findings of currently occupied FEMA emergency housing for survivors of hurricanes Katrina and Rita that struck the Gulf Coast in 2006. Please click here to read their statement in its entirety.

Out of State Sales to California Residents - Use Tax Is Sales Tax!
Recently, we have received many phone calls at the CMHI office regarding manufactured homes sold out of California where sales tax is not being charged.  These homes are then shipped to California and subsequently installed. The following is a brief explanation of use tax and how it applies. Click here for continued story...