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On December 5, 2022, the National Association of REALTORS® (NAR) sent a letter to the Department of Housing and Urban Development (HUD) and Federal Housing Administration (FHA) in response to a request-for-information on small balance lending.
For many first-time and low to moderate income buyers, inventories are limited to manufactured homes, condominiums, accessory dwelling units, and other types of properties that do not have a principal amount exceeding $100,000. Improving FHA’s policies to promote the use small balance loans is a strong step towards achieving NAR's goal of supporting underserved communities and promoting homeownership.