The Federal Housing Administration (FHA) has increased the lending limits for its Title I Manufactured Home Loan Program in an effort to boost the supply of affordable housing. This update reflects current market prices for manufactured homes and aims to encourage more lenders to provide loans for homebuyers interested in purchasing mobile homes and the accompanying lots. The change is part of President Joe Biden's initiative to expand the availability and usage of manufactured homes as an affordable housing option.
The Federal Housing Administration ( FHA ) has raised the lending limits for its Title I Manufactured Home Loan Program , aiming to unlock the supply of affordable housing . The FHA said the increase better reflects today's market prices for manufactured homes and should encourage more lenders to offer loans to homebuyers seeking to purchase manufactured homes , also known as mobile homes , and the lots on which they sit.
This is the first update to the Title I program loan limits since 2008 and is part of President Joe Biden's push to increase the supply and use of manufactured homes as an affordable housing option. The new approach utilizes "new methodologies for calculating and updating the program's limits," which were part of a final rule published on Feb. 29, FHA explained in a press statement. The new limits are:"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." You can explore your personalized mortgage options in minutes by visiting Credible to compare rates and lenders from multiple lenders at once
Federal Housing Administration FHA Lending Limits Title I Manufactured Home Loan Program Affordable Housing Manufactured Homes Mobile Homes President Joe Biden
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
FHA raises loan limits for manufactured housing for the first time in 15 yearsHUD has raised the loan limits for manufactured housing to align with prices today.
Read more »
Navajo Nation to inject $74M into manufactured home facility for new housing, to spur economyZenniHome plans to build a new plant within the Navajo Nation, which is expected to create hundreds of jobs and bolster the reservation's economic fortunes.
Read more »
California to relaunch loan program for 1st time home buyers next monthNext month, California will relaunch a popular program that gives affordable loans to first-time home buyers, but this time the state is tightening the requirements for applicants.
Read more »
Why you should get a home equity loan this MarchThis March may be the perfect time to tap into your home equity. Here's why.
Read more »
Why a HELOC may be better than a home equity loan this springAre you torn between a HELOC and a home equity loan? Here's why a HELOC may be the better option this spring.
Read more »
Why you should get a home equity loan with interest rates pausedThe Federal Reserve is keeping interest rates paused. Here's why homeowners should use their home equity now.
Read more »