The Federal Housing Administration (FHA) issued new loan limits to expand financing for manufactured homes. The agency stated these changes will better align with current market prices and encourage lenders to offer the program to homebuyers.
This is the first update to FHA’s Title I Manufactured Home Loan Program since 2008 and includes new methodologies for calculating and updating the program’s limits, FHA stated. These changes were announced in a final rule published Feb. 29.
“Updating the Title I loan limits was the next critical piece in our ongoing efforts to make the Title I Manufactured Home Loan Program work for lenders and homebuyers for whom manufactured housing offers an affordable way to meet their housing needs,” Federal Housing Commissioner Julia Gordon said. “We hope these changes will prompt more lenders to consider using the Title I program to meet the financing needs of consumers purchasing or refinancing manufactured homes.”
For FHA case numbers assigned on or after March 29, the new loan limits are:
The agency stated it will be recalculating these loan limits on an annual basis so they keep pace with home prices over time.
“We are using every tool possible to make affordable housing available for all Americans,” HUD Secretary Marcia Fudge said. “[This] announcement is another positive step toward helping people to buy manufactured homes, an innovative solution to the affordable housing supply crisis.”
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