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  • Comment Detail

  • Date: 07/10/17
    First Name: Dwight
    Last Name: Selby
    Email: dselby@selbyrealty.com
    Organization Type: individual
    Organization: N/A

  • Comment

    We have a duty to serve the underserved - the upper portion of the 27% of the US population that have FICO scores below 650. The cost of new site built home construction continues to rise. The working poor are forced out of home ownership including MH because of larger down payments, significantly higher interest rates and shorter amortizations. The net result (compared to a typical FHA loan) is a down payment that is 4-5x higher and monthly payments that are double. This is outrageously expensive debt for people who need it the most and can afford it the least. That's why we have a duty to help these folks with a vibrant secondary market. One other factor is the MH community owner. We do not go away. We can mitigate risk by paying into a PMI fund upfront and returning the MH to the market so that it can be quickly sold to another buyer. I know you're serious about making this work. Let us know how we can help. We want it to be profitable and have sufficient scale to be worthwhile. Thank you for listening again. Have a great day!