The Federal Housing Administration (FHA) announced new loan limits for its Title I Manufactured Home Loan Program, which marks the first time since 2008 that the loan limits are being increased.
Effective for FHA case numbers assigned on or after March 29, the new nationwide Title I Manufactured Home Loan Program loan limits are as follows:
- Combination Loan (Single-section), $148,909
- Combination Loan (Multi-section), $237,096
- Manufactured Home Loan (Single-section), $105,532
- Manufactured Home Loan (Multi-section), $193,719
- Manufactured Home Lot Loan, $43,377
The FHA said it will recalculate the program’s loan limits on an annual basis to keep pace with changing home prices.
“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. “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.”
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