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On December 15, 2022, NAR and the Manufactured Housing Institute (MHI) submitted comments on the Federal Housing Administration's (FHA) proposed final rule for Title 1 loan limit increases. NAR and MHI commend FHA for their commitment to addressing financing opportunities for manufactured homes which play an important role in providing homeownership opportunities for buyers across the country.
FHA’s proposed rule creates a unique indexing methodology that increases loan limits through annual adjustments to ensure they remain current with the housing market. Without the indexing, the supply of homes available for FHA funding would shrink as prices rise. With these updates, low to moderate-income and first-time buyers will be able to take advantage of financing through FHA and begin building wealth through homeownership.