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For the First Time in 15 Years, Federal Housing Administration Increases Loan Limits to Expand Financing for Manufactured Homes

March 19, 2024 / Source: HUD

WASHINGTON – Today, the Federal Housing Administration (FHA) announced new loan limits for its Title I Manufactured Home Loan Program. The increased amounts use new methodologies for calculating and updating the program’s limits, which were announced in a final rule published on February 29, 2024. The increases better align with current market prices and are expected to encourage more lenders to offer the program to homebuyers seeking to purchase manufactured homes and the lots on which they sit. This is the first update to the Title I program loan limits since 2008 and supports the Biden-Harris Administration’s efforts to increase the supply and use of manufactured homes as an affordable housing source.

“We are using every tool possible to make affordable housing available for all Americans,” said HUD Secretary Marcia L. Fudge. “Today’s announcement is another positive step toward helping people to buy manufactured homes, an innovative solution to the affordable housing supply crisis.”

“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.”

Effective for FHA case numbers assigned on or after March 29, 2024, 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

FHA will recalculate the program’s loan limits on an annual basis so that they keep pace with home price changes over time.

Last month, HUD announced a first-of-its-kind $225 million funding opportunity to support the affordability of manufactured homes and communities.