Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Housing Finance topic
No spam. Unsubscribe anytime.
CHFA reports strong early uptake for 100% financing for manufactured homes
Summary
Connecticut Housing Finance Authority told the Mobile Manufactured Home Advisory Council its May 21 program changes — 100% loan-to-value and a fixed 3% rate — produced 29 reservations and 13 closings totaling about $1.5 million as of the meeting.
CHFA rolled out an enhanced manufactured-housing loan program on May 21, 2025, and reported strong early demand to the Mobile Manufactured Home Advisory Council. Brian, a Connecticut Housing Finance Authority representative, told the council the program now offers "up to a 100% on the loan to value ratio" and a fixed 3% interest rate.
The change matters because it removes the previous 80% LTV cap on purchase loans and offers a lower, fixed rate; CHFA said interest rates in the local purchase market were often "in the sixes" before the program change.
CHFA said the program began with a small set of participating lenders and expanded that list at launch. "We added different lenders to the list," Brian said, naming First World Mortgage, Total Mortgage Services, Capital for Change, Thomaston Savings Bank and CrossCountry Mortgage. He said five lenders were fully trained to offer the program.
CHFA provided these program figures: 29 loan reservations totaling $3,490,000; 13 successful closings for slightly more than $1.5 million; a median loan amount of about $120,000; maximum loan size of $150,000; and only one cancellation among the 29 reservations. Brian said the loan product can be used for purchases and refinances, and that "the borrower can add their own funds to buy a property that's more expensive than $150,000." He also said there is no private mortgage insurance requirement for the CHFA loan product.
Council members asked how additional local banks could be recruited to participate. Mark Asness, a council member, offered to contact local lenders and said he had relationships at several institutions. Brian said CHFA limited the initial rollout to lenders with strong underwriting and good turn times to ensure a smooth start, but that a second phase of lender expansion is planned if the program shows sustainable growth and additional funding becomes available. "If the program can show sustainable growth and effectiveness that hopefully the state can allocate more funds to it in the future," Brian said.
CHFA said the program launched with an initial state allocation of $4,750,000. Council members and staff discussed outreach: CHFA posts marketing materials and downloadable flyers on its website, and participating lenders also promote the product in their communities.
The council did not take formal action on the report. CHFA representatives said they will continue to monitor demand and work with staff and council members on possible outreach and lender expansion in a later phase.
Details from the report and council questions are available in the meeting record; CHFA provided an informational flyer and a link in the meeting chat for council members to download.
