The new loan limits are expected to help more homebuyers access affordable housing options.
Weeks after announcing a set of initiatives aimed at boosting the manufactured housing supply, a press release from the Department of Housing and Urban Development (HUD) announces the Federal Housing Administration’s new loan limits for manufactured housing, which are calculated based on new methodologies and expected to boost the supply of affordable housing in the nation.
“‘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,’ said Federal Housing Commissioner Julia R. Gordon.”
According to the release, “FHA will recalculate the program’s loan limits on an annual basis so that they keep pace with home price changes over time.”
Federal Law Says Manufactured Homes Must be Movable. Changing That Could Unlock an Affordable Housing Boom.
A proposed rule change in the Road to Housing Act would make manufactured housing more flexible and affordable.
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The agency took a series of steps to make manufactured homes, often excluded from neighborhoods and loan programs, more accessible and affordable.
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