FHA Proposes Increases in Loan Limits for Title I Manufactured Home Loans
In Mid-October, the U.S. Department of Housing and Urban Development announced that the FHA is proposing a new rule to increase and index the loan limits for its Title I Manufactured Home Loan Program which insures loans used to finance manufactured homes titled as personal property. According to their release, loan limits for the program were last updated by the Housing and Economic Recovery Act of 2008.
“Adjusting loan limits to current market conditions will make Title I a much more useful source of affordable loan financing for manufactured homes…This proposal is the next step in FHA’s ongoing work to support manufactured housing as an affordable and attractive option in a challenging housing market.” Said Federal Housing Commissioner Julia Gordon.
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